🇪🇺 The European regulator has declared that cryptocurrency poses a threat to financial stability

➣ The European Securities and Markets Authority (ESMA) stated that the growth of the #crypto industry and its increasing ties to traditional financial markets could lead to serious risks for the financial system's stability.

➣ According to the head of #ESMA , “there is no such thing as a safe crypto-asset,” and stricter regulations may be necessary.

➣ Although crypto currently accounts for only 1% of global financial assets, its impact could grow significantly.

➣ Sharp drops in #cryptocurrency prices could have indirect consequences for traditional markets.

➣ The growth of the crypto industry is rapid and unpredictable, especially in the U.S.

➣ Key threats include stablecoins, hacks, fraud, and high-profile scandals. $BTC $XRP