US Crypto Push Threatens EU’s Strategic Autonomy, ESM Chief Says

The Trump administration’s support of crypto currencies could hurt Europe’s monetary autonomy, supporting the case for a digital euro, according to a top EU official.

“The US administration is favorable toward cryptocurrencies and especially dollar-denominated stablecoins, which may raise certain concerns in Europe,” European Stability Mechanism Managing Director Pierre Gramegna told reporters in Brussels on Monday.

Donald Trump’s administration has embraced digital currencies, with the US president last week signing an executive order creating a Bitcoin reserve and a separate stockpile of other tokens. Both will contain crypto forfeited as part of legal proceedings, the action said.

Pierre Gramegna

Photographer: Simon Wohlfahrt/Bloomberg

Meanwhile, ...