The G20's Financial Stability Board (FSB) has raised concerns regarding vulnerabilities in the shadow banking sector, indicating that progress on reforms aimed at enhancing the safety of money market funds and other non-bank financial entities has been insufficient. The FSB chair emphasized that these unresolved vulnerabilities could expose the global financial system to potential shocks. The warning comes amid broader discussions on the need for regulatory measures to address risks outside traditional banking frameworks, with regulators cautioning that excessive regulation could have negative consequences. Additionally, a financial regulator nominee has expressed caution regarding the management of corporate accounts for cryptocurrency assets.