John Smith 
Andrew Bailey, a long-time skeptic of crypto, has been unanimously selected to lead an international body that monitors the global financial system.
Bank of England Governor Andrew Bailey — known for his cautious, often skeptical views on crypto — is set to take over as Chair of the Financial Stability Board in July, after securing unanimous support from the global body that helps shape financial rules across borders. Bailey will begin his three-year term on July 1, after the formal appointment is finalized in June.
The Switzerland-based FSB helps keep the global financial system in check. Set up in 2009 after the financial crisis, it seeks to bring countries together to keep an eye on markets and suggest rules that guide banks, insurers, asset managers, and, more recently, crypto firms too.
In a statement shared by the FSB, Bailey said his appointment comes at a time when the stability of the financial system “is put to the test,” Bloomberg reports.
He also noted that the global financial crisis “underscored the importance of addressing challenges collectively and strengthening the multilateral system,” stressing that the FSB “exemplifies this approach.” Bailey will replace Klaas Knot, who currently leads the group and is the president of the Dutch central bank.
Bailey isn’t a friend to crypto
Bailey has led the Bank of England since March 2020. Before that, he served as the head of the Financial Conduct Authority, the British main financial watchdog. While he’s been a central figure in U.K. financial regulation for years, his views on crypto and digital currencies have often made headlines.
For instance, in early 2024, when Bitcoin was climbing past $40,000, Bailey expressed doubts about cryptocurrencies like BTC, saying BTC is “not taking off as a core financial service.” He also called Bitcoin “inefficient” and has not shown much support for its use in everyday finance.
“It’s not taking off as a core financial service. For example, using Bitcoin as a payment service is pretty inefficient. So I don’t think the integration into the financial system has kept up the momentum that was once there. But we have to keep a very close eye on it.”
Andrew Bailey
On stablecoins, his position is slightly more measured, though still cautious. In February 2025, Bailey suggested that stablecoins “must meet a high bar” before going mainstream, emphasizing that they should adhere to strong regulatory standards to protect consumers and the financial system.
Bailey has also addressed central bank digital currencies, like a potential digital pound, raising questions about their necessity and stating in a February 2024 speech at the Chicago Booth Business School that the banking industry must ask “why we need to introduce central bank digital currencies to achieve those benefits.”
He also warned that a digital pound shouldn’t “undermine the role of commercial banks,” emphasizing that this concern is crucial to ensuring the financial system functions properly as a whole.
Future implications
With Bailey taking over as head of the FSB, he won’t have full control over policy, but since the FSB has a major role in setting global standards — especially on emerging issues like crypto — his anti-crypto views could, in theory, start carrying more weight.
The FSB has already focused on digital assets. In 2023, it published new guidelines for how countries should oversee stablecoins and crypto platforms. Back then, the international body already called for “comprehensive and consistent regulation and oversight of crypto-asset activities and markets.”
As the new chair, Bailey will likely have an influence on how global standards develop, particularly when it comes to crypto businesses. However, given his past statements, there could be a greater emphasis on strong consumer protection, regulation, and financial stability. His concerns about crypto’s usefulness and risks may also change how cautious the FSB becomes in future work.
Still, it remains unclear how much of his personal views will shape the agenda. After all, the FSB is a consensus-based body, and decisions are often the result of long discussions among central banks, finance ministries, and regulators from dozens of countries, rather than being shaped by one individual.
