{"id":833133,"date":"2025-03-11T08:12:11","date_gmt":"2025-03-11T13:12:11","guid":{"rendered":"https:\/\/newsycanuse.com\/index.php\/2025\/03\/11\/esm-chief-warns-trumps-crypto-policies-pose-risk-to-eu-monetary-sovereignty\/"},"modified":"2025-03-11T08:12:11","modified_gmt":"2025-03-11T13:12:11","slug":"esm-chief-warns-trumps-crypto-policies-pose-risk-to-eu-monetary-sovereignty","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2025\/03\/11\/esm-chief-warns-trumps-crypto-policies-pose-risk-to-eu-monetary-sovereignty\/","title":{"rendered":"ESM chief warns Trump\u2019s crypto policies pose risk to EU monetary sovereignty"},"content":{"rendered":"
\n

\"ESM ESM chief warns Trump\u2019s crypto policies pose risk to EU monetary sovereignty<\/span> Gino Matos \u00b7<\/span> 16 hours ago<\/span> \u00b7 2 min read<\/span> <\/span> <\/span> <\/span> <\/span><\/p>\n

\n
\n

ESM Managing Director Pierre Gramegna voiced concerns over US push for crypto adoption, urged ECB to streamline the digital euro launch.<\/p>\n

\n
\n

<\/a><\/p>\n<\/div>\n

\n

2 min read<\/span><\/p>\n

Updated:<\/span> Mar. 10, 2025 at 8:41 pm UTC<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n

\n

\"ESM<\/p>\n

Cover art\/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.<\/p>\n<\/div>\n<\/div>\n

\n

European Stability Mechanism (ESM) managing director Pierre Gramegna said that President Donald Trump\u2019s<\/a> administration\u2019s favorable stance toward crypto, particularly dollar-backed stablecoins, could challenge Europe\u2019s monetary autonomy, <\/span>Bloomberg News reported on March 10.<\/span><\/p>\n

Gramegna warned that the changing US stance could encourage both foreign and American technology firms to pursue large-scale payment solutions using dollar-denominated stablecoins.\u00a0<\/span><\/p>\n

He added:<\/span><\/p>\n

\n

\u201cAnd if this were to be successful, it could affect the euro area\u2019s monetary sovereignty and financial stability.\u201d<\/strong><\/p>\n<\/blockquote>\n

US dollar-pegged stablecoins have a combined market cap of over $224 billion and play a significant role in global finance, moving over $4 trillion over the past 30 days, according to Artemis<\/span> data<\/a><\/strong>.\u00a0<\/span><\/p>\n

Accelerating the digital euro<\/strong><\/h2>\n

In response to these concerns, the ESM supports the European Central Bank\u2019s (ECB) accelerated efforts to develop and implement a digital euro.\u00a0<\/span><\/p>\n

It aligns with ECB board member Piero Cipollone\u2019s remarks from Jan. 24, when he said that the central bank<\/span> must accelerate the push for the digital euro<\/a><\/strong> to respond to Trump\u2019s push to promote dollar-backed stablecoins globally.<\/span><\/p>\n

Cipollone\u2019s remarks followed the<\/span> first crypto-related executive order signed<\/a><\/strong> by the US President on Jan. 23. This order prohibited federal agencies from pursuing a central bank digital currency (CBDC) and laid a framework to bolster the adoption of dollar-backed stablecoins worldwide.<\/span><\/p>\n

Gramegna highlighted the urgency of the initiative, stating that a European CBDC is essential to maintaining financial autonomy and stability in the region. <\/span>The decision on the digital euro will be a key moment in Europe\u2019s strategy to navigate the evolving global digital asset landscape.<\/span><\/p>\n

Trump executive orders<\/p>\n

Last week, Trump\u2019s administration deepened its efforts in the crypto industry by signing a second executive order establishing a Strategic Bitcoin (BTC<\/a>) Reserve and a Digital Asset Stockpile.<\/span><\/p>\n

The vaults will hold crypto seized in legal proceedings and will be managed by the Treasury. The reserve will serve as a long-term holding, with the Treasury directed to accumulate more Bitcoin in a budget-neutral manner.<\/span><\/p>\n

Trump has also signalled that stablecoins will be a fundamental part of America\u2019s economic plan to ensure the US dollar maintains its dominance as the global reserve currency.<\/p>\n

The ECB, in contrast, has remained firm in its rejection of Bitcoin as a reserve asset. During a speech to the central bank members, ECB President Christine Lagarde<\/a> said that reserves have to be liquid, secure, and safe and should not be \u201cplagued by the suspicion of money laundering or other criminal activities.\u201d<\/span><\/p>\n

Mentioned in this article<\/h6>\n
\n

\"XRP<\/a><\/p>\n<\/div>\n

\n
Latest EU<\/span> Stories<\/h5>\n<\/div>\n
\n
\n
Latest Press Releases<\/h5>\n<\/header>\n<\/div>\n<\/div>\n<\/div>\n

Read More<\/a>
\n Gino Matos<\/p>\n","protected":false},"excerpt":{"rendered":"

ESM chief warns Trump\u2019s crypto policies pose risk to EU monetary sovereignty Gino Matos \u00b7 16 hours ago \u00b7 2 min read ESM Managing Director Pierre Gramegna voiced concerns over US push for crypto adoption, urged ECB to streamline the digital euro launch. 2 min read Updated: Mar. 10, 2025 at 8:41 pm UTC Cover<\/p>\n","protected":false},"author":1,"featured_media":833134,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[71,359],"tags":[],"class_list":["post-833133","post","type-post","status-publish","format-standard","has-post-thumbnail","category-chief","category-warns"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/833133","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=833133"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/833133\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/833134"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=833133"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=833133"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=833133"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}