Financial Stability
Andrew Bailey: Bank of England Governor, FSB Chair, and Crypto's Most Influential Skeptic
Andrew Bailey holds two of the most powerful positions in international financial regulation — Bank of England Governor and FSB Chair from July 2025. His cautious, stability-focused approach to crypto shapes both UK policy and international standards.
FSB (Financial Stability Board)
FSB's G20 mandate for financial stability standard-setting, its 2023 crypto and stablecoin recommendations, and the October 2025 peer review findings.
FSB Under Bailey: Financial Stability Board's New Priorities for Global Crypto Governance
Andrew Bailey's assumption of the FSB Chair in July 2025 — while simultaneously serving as Bank of England Governor — marks a new chapter for global crypto governance, with stablecoin frameworks and implementation gaps as top priorities.
G20 Crypto Roadmap
The G20 Crypto Roadmap's three pillars, the IMF-FSB synthesis paper from India's 2023 presidency, and the October 2025 peer review with eight new FSB recommendations.
G20 Crypto Roadmap: The International Framework That Constrains National Policy
The G20's crypto regulation roadmap — developed through the Financial Stability Board — sets standards that constrain what individual jurisdictions can do. Understanding the roadmap is essential to understanding national regulatory choices.
IMF Crypto Framework: From Skepticism to Structured Policy Guidance
The IMF's position on crypto has evolved from outright skepticism to structured policy frameworks — including the 2023 G20 synthesis paper with FSB, element-based approach to crypto regulation, and extensive CBDC research.
Systemic Risk and Crypto: From 2022 Contagion to FSB Frameworks
The 2022 crypto market collapse — $2 trillion in losses, Terra/Luna, Celsius, Three Arrows Capital, FTX — demonstrated crypto's systemic risk potential. The policy response has been the FSB's high-level recommendations and MiCA's stablecoin provisions.