Andrew Bailey, the Governor of the Bank of England and one of the most prominent crypto skeptics in global finance, has been unanimously selected to chair the Financial Stability Board (FSB) - the international body tasked with safeguarding the world’s financial system. His three-year term will officially begin on July 1, following final confirmation in June 2025.
The FSB, headquartered in Switzerland, plays a pivotal role in shaping international financial policy. Created in the wake of the 2008 financial crisis, the organization serves as a hub for regulators, central banks, and finance ministries across G20 nations to coordinate rules that protect market stability. In recent years, that mission has increasingly included oversight of crypto assets and stablecoins, areas where Bailey’s voice is expected to carry weight.
Bailey’s appointment comes at a time of heightened scrutiny over digital assets. In a statement, he remarked that global markets are facing “real tests of resilience” and emphasized the importance of cross-border cooperation to address systemic threats. His incoming leadership follows that of Klaas Knot, President of the Dutch central bank, who currently chairs the FSB.
A Longstanding Crypto Skeptic
Bailey has made no secret of his reservations about cryptocurrencies. As Bank of England Governor since March 2020, and formerly head of the UK’s Financial Conduct Authority (FCA), he’s taken a consistently cautious stance toward digital assets - particularly Bitcoin.
Earlier this year, even as BTC surged above $40,000, Bailey stated that it was “not taking off as a core financial service,” calling it “inefficient” as a payments tool. While not dismissing crypto entirely, he has repeatedly questioned its utility in mainstream finance. His concerns echo those of many traditional financial institutions that worry about the volatility, scalability, and regulatory gaps surrounding decentralized assets.
His skepticism also extends to central bank digital currencies. In a 2024 speech at Chicago Booth Business School, Bailey raised fundamental questions about the need for a digital pound, warning that it could erode the role of commercial banks and disrupt the broader financial system if not carefully designed. “Why introduce central bank digital currencies to achieve benefits we can already access?” he asked, reflecting a broader ambivalence toward radical changes in monetary infrastructure.
Stablecoins Under a Microscope
Bailey has shown slightly more openness to stablecoins, but his position remains highly conditional. In February 2025, he stated that any stablecoin operating at scale must meet “a high bar” of regulatory standards, underscoring the need for consumer protection and financial integrity.
His views align with the FSB’s 2023 policy framework, which pushed for consistent global regulation of stablecoins and crypto trading platforms. That report warned of fragmented rules and called on member states to develop robust oversight regimes, particularly in light of recent collapses and security breaches across the crypto sector.
As chair, Bailey won't single-handedly dictate policy, since the FSB operates by consensus among its 70+ member jurisdictions. However, his influence will be significant in framing discussions and setting the tone for global coordination - especially around emerging financial technologies.
What Bailey’s Leadership Could Mean for Crypto
Bailey’s elevation comes as the global regulatory landscape for crypto enters a decisive phase. The U.S., EU, and Asian markets are all moving toward more defined frameworks, and the FSB is expected to play a key role in harmonizing these approaches to avoid regulatory arbitrage.
With Bailey at the helm, the FSB may adopt a more risk-averse posture when it comes to crypto-related innovation. While that could mean more barriers for unregulated projects, it could also strengthen institutional confidence in the sector by pushing for higher standards, especially around transparency, capital reserves, custody, and anti-money laundering compliance.
Still, the extent to which Bailey’s personal skepticism shapes global policy remains to be seen. The FSB’s structure means no single voice dominates, and any sweeping changes would require broad agreement across its diverse membership - from the U.S. and EU to emerging economies and tech-forward jurisdictions.
Nonetheless, his appointment signals that financial stability remains the top priority in any regulatory consideration of crypto’s future. For crypto firms, this means a future where alignment with traditional financial safeguards may be less optional - and more essential.