French Central Bank Governor Francois Villeroy de Galhau, also a European Central Bank Governing Council member, has heavily criticized US President Donald Trump support for crypto, calling it a huge mistake.
According to a local news outlet, La Tribune Dimanche report, Villeroy called Trump’s support for crypto and plans to deregulate the entire American economy negligence.
Villeroy Says EU Safe from Crypto Dangers
Without specifics, the French Central Bank Governor said the European Union has enough regulations to protect that 27-state bloc against the dangers of cryptocurrencies. Villeroy warned that:
“Financial crises often originate in the United States and spread to the rest of the world […] by encouraging cryptocurrencies and non-bank finance, the US administration is sowing the seeds of future upheavals […] there is no risk of a European banking crisis.”
US President Donald Trump support for crypto has been a key pillar of his second administration ever since he won the presidential elections and was inaugurated on January 20, 2025. Trump has already established a White House crypto working group via an executive order and appointed former PayPal chief executive David Sacks as the first-ever crypto Czar to oversee the emerging industry.
Crypto a Key Pillar of Trump Presidency
In the meantime, the US Securities and Exchange Commission (SEC) has, under Trump’s acting chair appointee Mark Uyeda, been on a spree of dropping or delaying numerous high-profile legal proceedings against leading crypto firms like Binance, Coinbase, Kraken, and Robinhood, among others. However, according to the French Central Bank Governor, all these efforts are misplaced priorities. Villeroy said:
“Donald Trump seems to harbor this false vision that the global economy is a zero-sum game.”
Trump’s support for crypto was first touted during the US Presidential campaign trail in July 2024 at the Nashville Bitcoin Conference, where he pledged to make America the crypto capital of the world. During another Bitcoin conference in November, he hinted at creating a Strategic Bitcoin Reserve. On March 2, 2025, Trump revealed the country would make a crypto stockpile comprising altcoins Ether, Solana, Cardano, and Ripple’s XRP alongside Bitcoin. The announcement rallied the tokens as investors believed the government would immediately go on a crypto-buying spree.
French Central Bank Governor Critical of Trump
However, crypto enthusiasts have since been left licking their wounds even as the entire crypto market reeled under expectations that never came to pass. Moreover, other aspects of Trump’s economic agenda, like tariffs and FED’s non-commitment to interest rates, have hit the crypto sector the hard way, at least now. Reacting to this, the French Central Bank Governor said:
“We are indeed seeing great brutality on the American side […] Donald Trump seems to harbor this false vision that the global economy is a zero-sum game.”
Conclusion
According to crypto analyst CoinGecko, the digital asset market has recently shed at least $1 billion despite Trump support for crypto. The flagship cryptocurrency recently dropped 4% of its market value, and even though it’s on its way to recouping the losses, market uncertainty is at its highest, begging the question of whether the French Central Bank Governor could be right.
Frequently Asked Questions (FAQs)
Does the US government hold Bitcoin?
Yes. The US government holds one of the world’s largest bitcoin holders through criminal and civil asset forfeitures by law enforcement.
What is a strategic reserve?
A strategic reserve is a stockpile of resources and assets a government maintains to ensure national security and economic stability in times of need. Common examples of US reserves include oil, gold, foreign currencies, and medical supplies.
What coins are in the crypto reserve?
Trump revealed that the “Crypto Strategic Reserve” would include Bitcoin, Ethereum, XRP, Solana, and Cardano.
How would a reserve benefit the crypto industry?
Supporters believe the SBR could help legitimize crypto as a diversification strategy.
Appendix: Glossary to Key Terms
Executive order: A rule or order issued by the President to an executive branch of the government and having the force of law
Crypto reserve: A proposed national stockpile of digital assets created under a federal regulatory framework on Digital Asset Markets
Bitcoin: A digital currency that operates free of any central control or the oversight of banks or governments
Altcoin: Any other cryptocurrency that is not Bitcoin
