According to TechFlow, on June 15, Klaas Knot, the outgoing chairman of the Financial Stability Board, warned in Madrid that the cryptocurrency market may be close to a critical point that poses a systemic risk to the global financial system. Knot pointed out that stablecoin issuers hold a large amount of U.S. Treasury bonds, forming a connection with the broader financial system. The popularity of cryptocurrency ETFs and institutional acceptance of digital assets have lowered the entry threshold for retail investors and deepened the connection between cryptocurrency and traditional finance. He emphasized that the crypto ecosystem will continue to develop and the regulatory framework must keep pace with the times.

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