How FSCO Reframed Financial Stability in 2025

In this paper we discuss:

• Financial Stability Oversight Council’s (FSOC) shift toward a growth- and economic-security-focused view of financial stability;
• A deregulatory tilt, narrowing oversight to core risks such as Treasury markets, cybersecurity, and AI;
• A softer stance on digital assets, treating stablecoins and tokenisation as market developments rather than systemic threats;
• The growing reliance on ex post supervision, raising questions about resilience in future crises.

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