Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
Category Archives: Blockchain, Crypto, Digital Assets Regulations
U.S. Senate Moves to Regulate Stablecoins
Regulation | March 14, 2025
Image courtesy of AI
GENIUS Act Passes Senate Banking Committee, Stablecoin Rules Are Coming
On February 4, 2025, Senator Bill Hagerty introduced the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act) based on the discussion draft he released in October 2024. Yesterday, the GENIUS Act received approval from the Senate Banking Committee with a bipartisan 18-6 vote count, highlighting the massive shift in how Washington currently views crypto (and financial innovation).
See: Stablecoins Are Growing Faster Than You Think
While stablecoins have been part of the crypto economy for a long time, this legislation could integrate them broadly into the financial system in a way that would provide clarity for issuers (big and small), investors and institutions. Now the bill must face a full Senate vote, and some lawmakers like Senator Elizabeth Warren are pushing for changes before the final vote to introduce some revisions that strengthen rules before moving forward.
Key Provisions of the GENIUS Act
The GENIUS Act introduces clear rules for companies that issue stablecoins, ensuring they operate in a safe and transparent way. The bill lays out requirements for licensing, reserve requirements, and consumer protections.
Stablecoin issuers will need to register with either federal or state regulators (similar to how banks operate). Large issuers with more than $10 billion in circulation will be supervised by the Federal Reserve and the Office of the Comptroller of the Currency (OCC) while smaller stablecoin issuers can operate under state regulators.
To ensure stablecoins are in fact financially stable, issuers must hold safe assets such as the U.S. dollar, Treasury bills or highly liquid reserves equal to the full value of the stablecoins they issue. This requirement is to prevent collapses like the Terra-Luna crash that wiped out billions in investor funds.
Companies must also publish monthly reports on their reserves, agree to independent audits, and provide clear redemption policies so customers know how they can cash out from their stablecoins. Stablecoins must be redeemable upon request without delays or refusing payouts. Regulators will have the authority to suspend licenses for companies that fail to follow thee rules.
Senator Warren Calls for Tougher Regulations
While the bill has bipartisan support, several lawmakers including Senator Elizabeth Warren have warned that without changes, the bill could have serious risks:
- Fails to prevent illegal activity since the bill doesn't go far enough in blocking sanctioned nations like Iran or North Korea from using stablecoins to move money
- Create new financial risks without stronger safeguards (i.e., stablecoin issuers could invest in very risky assets that could lead to instability)
- Allow big tech to control money - giants like Amazon or Musk's X could issue their own stablecoins, effectively creating private currencies
What Comes Next?
The GENIUS Act is now set for a vote in the full U.S. Senate. If it passes, it will move to the House of Representatives where lawmakers will need to combine it with the House’s own stablecoin bill, the STABLE Act, to create a single version. If both the Senate and House agree on a final version, the bill will go to President Trump for approval. Lawmakers are hoping to finalize everything by April.
Implications for Fintech Canada
The United States is making progress in setting clear rules for stablecoins but Canada’s approach still remains uncertain. If U.S. banks start using stablecoins widely, it could put pressure on Canadian regulators to develop similar guidelines.
See: UK Overhauls Payment Oversight – Should Canada Follow?
Canadian crypto companies that want to do business in the U.S. will need to follow these new rules if they want access to the American market. If stablecoins become a common part of traditional finance, they could change the way cross-border payments work, pushing Canada to update its policies to stay competitive.
Bottom Line
Stablecoin regulation is no longer theoretical, it's happening and Canada will need to decide how to adapt.
The National Crowdfunding & Fintech Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with fintech, alternative finance, blockchain, cryptocurrency, crowdfunding and online investing stakeholders globally. NCFA Canada provides education, research, industry stewardship, services, and networking opportunities to thousands of members and subscribers and works closely with industry, government, academia, community and eco-system partners and affiliates to create a strong and vibrant crowdfunding and fintech industry. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Nov 12, 2026 Buying a Canadian money services business starts with identifying what the buyer will acquire: a legal entity, a registration history, contracts, records and possibly an active operation. The value of that package depends on whether it supports the services the new owner intends to provide. A FINTRAC registration entry is an important starting point. It does not establish the company’s financial condition, the quality of its compliance programme or the availability of banking relationships after an acquisition. A payment business may also need a separate assessment under the Retail Payment Activities Act, or RPAA. For investors evaluating a Canadian MSB company for sale, due diligence should connect registration status, actual activities, transaction structure and financial evidence before the parties agree a completion timetable. Verify the Canadian MSB registration and legal entity Begin with the target’s exact legal name, incorporation details, registration number and current status. Match the entity in the corporate documents to the entity in FINTRAC’s Money Services Business Registry. FINTRAC explicitly states that registration does not mean it endorses or licenses a business. It also states that it does not issue licences or certificates of registration. A sales presentation using the phrase “FINTRAC licence” should ...
November 12, 2026 | NCFA Fintech Market Insight | Digital Assets Blockchain And Tokenization, Capital Markets Infrastructure And Funding, Wealthtech Investing And Trading Strategy still runs a software business, but Bitcoin now dominates its assets and capital raising. MSCI no longer treats that balance as an index eligible operating company. November 11, 2026, MSCI confirmed Strategy’s removal from the MSCI USA and MSCI World indexes after the November 30 close under its new methodology for non operating companies. MSCI is one of the world’s largest index providers, and its benchmarks are followed by funds investing across global equity markets. Japan’s Metaplanet is also being removed from an MSCI index. MSCI has decided that Strategy no longer qualifies for its equity indexes because Bitcoin now dominates its assets and much of its capital raising. Strategy still sells software and reports operating revenue, but MSCI is drawing a line between a business that holds investment assets and one where those assets have become the main financial story. Why Is MSCI Removing Strategy From Its Indexes? MSCI first looked at a rule aimed specifically at digital asset treasury companies. It later dropped that proposal and change it's methodology to cover companies whose finances ...
Nov 12, 2026 Crypto market cap is calculated by multiplying an asset's reference price by its circulating supply. A token priced at $2 with 50 million units circulating has a market cap of $100 million. The calculation estimates the value of that supply at the reference price; it does not total the money investors deposited. To understand a change in the ranking, examine both inputs and the provider's definitions. A larger number can result from price changes, supply changes, or revised reporting. Establish what the two inputs represent The arithmetic is simple, but neither input is self-explanatory. “Price” may be a reference assembled from selected trading pairs and venues, rather than the last transaction on the exchange you use. A provider may exclude observations or convert quote currencies. Two services can publish different estimates because their source selection and methods differ. Circulating supply is an estimate of units treated as available in the market under a provider's rules. It may differ from the number minted, the total recorded by a contract, or the maximum permitted under a protocol's current design. Locked balances, treasury allocations, burns, and scheduled releases require interpretation. A transparent methodology matters because identical arithmetic can still use ...
November 11, 2026 | NCFA Fintech Market Insight | Artificial Intelligence And Data, Capital Markets Infrastructure And Funding, Risk Compliance And Regtech Financial firms are putting AI agents into production well before giving them broad financial authority. That creates time to set identity, permissions and transaction controls before autonomous execution becomes common. On November 11, 2026, Bank of England Financial Policy Committee external member Jonathan Hall used his final FPC speech to examine what happens when AI agents get more authority inside financial firms. A Bank of England and FCA survey of 196 firms found that 80% already deploy AI agents and another 14% plan to within 12 months. Only 2% reported agents with broad autonomy, and none of those were in trading and payments. Finance is adopting agents quickly, but firms are still keeping people and hard limits around the decisions that can change money, positions or customer outcomes. AI Agents Are In Finance But They Are Not Trading Alone The 2026 Bank of England and FCA survey separates four levels of authority: Decision support lets an agent recommend an action while a person decides and executes it. Constrained execution lets the agent act inside preset rules. Conditional autonomy ...
November 10, 2026 | NCFA Fintech Market Insight | Capital Markets Infrastructure And Funding, Entrepreneurs Startups Small Businesses, Equity Crowdfunding And Alternative Funding A small group of large rounds is carrying Canadian venture totals while deal count and growth stage financing remain well below recent norms. On November 10, 2026, the Canadian Venture Capital and Private Equity Association published its Q3 2026 venture capital report. Canadian companies raised $4.3 billion across 397 deals through September, only 1% less capital than a year earlier. But 23 rounds of $50 million or more represented just 6% of disclosed deals and absorbed 58% of all venture capital invested. Deal count has also fallen every year since 2021. The national total is holding up far better than the number of companies getting financed. Six Big Rounds Carried 59% Of Q3 Venture Capital Q3 produced $1.35 billion across 129 deals. Capital was 1% higher than Q2, but deal count fell 15%. Six rounds above $50 million accounted for $793 million, or 59% of the quarter’s capital. That's a decent quarter for the companies that closed those rounds, but a weak quarter for everyone else. Mega rounds above $50 million totalled $2.5 billion across 23 transactions ...
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November 10, 2026 | NCFA Fintech Market Insight | Digital Assets Blockchain And Tokenization, Capital Markets Infrastructure And Funding, Regulation And Policy Funds, Collateral And Settlement Lead Canada’s Near Term Tokenization Opportunity On November 10, 2026, the Canadian Securities Administrators published its Project Tokenization Phase 1 findings, setting out where Canadian market participants see the strongest commercial opportunities for tokenization and what regulators plan to test next. The report draws on 233 organizations, 21 bilateral meetings and 80 survey responses, along with workshops attended by 281 people in Calgary and 491 in Toronto. Participants put investment funds, private assets, collateral, treasury and settlement infrastructure ahead of public stocks as the strongest near term opportunities. The report also cuts through one of tokenization’s biggest sales pitches. Blockchain can change how an asset is recorded, transferred or settled, but it doesn't automatically create liquidity, investor demand, broader eligibility or stronger ownership rights. Those outcomes still depend on the product, market, legal structure and infrastructure around it. The CSA now plans to take specific projects into Phase 2 through a 120 day public call for proposals. Firms may be able to use existing regulatory processes, tailored regulatory treatment or bounded testing in a ...
Nov 11, 2026 A positive work environment is key for any team that wants to succeed. Team morale is crucial for productivity, motivation, and job satisfaction. Engaging in activities that lift spirits and strengthen connections can lead to great results. Creating a positive team environment requires creativity, engagement, and some fun. Each activity can strengthen connections, boost motivation, and improve workplace dynamics. When teams focus on strategies to boost morale, they work toward shared success. These activities can lead to lasting memories and help build a stronger team culture. Here are some fun strategies to help improve your team's morale and make the workplace livelier. Fun at the Arcade Visiting an arcade spot is a great way to enjoy time together and build teamwork. Imagine your team facing challenges with various games. Whether it's racing or playing team games, the arcade encourages friendly competition and bonding. These fun experiences can help reduce stress and improve relationships among coworkers. Arcades offer many options to suit diverse interests and skill levels. The lively atmosphere invites everyone to relax and take a break from their daily tasks. Shared laughter and enjoyment can lead to better communication and teamwork when you return to the ...
November 10, 2026 | Market Activity | Fundraising, Investing, Trading, Leadership, Competition, Human Capital, Health A Brokerage Race Beyond $0 Commissions On November 10, 2026, Webull Canada added Nasdaq Basic Canada, giving clients free real time Level 1 quote and trade data across Canadian listed equities. The feed provides best bid, best offer and last sale information for stocks listed on the TSX, TSX Venture, CSE and Cboe Canada. Nasdaq says its consolidated feed can reduce Level 1 market data costs by more than 60% compared with traditional Canadian data packages. Webull isn't first to give Canadian investors free real time information. The more interesting story is how quickly another paid feature is becoming part of the basic brokerage account. Wealthsimple helped normalize $0 trading in 2019, Questrade followed in 2025 and Webull dropped its own commissions in April 2026. With the headline trading fee largely gone, brokers now need other reasons for investors to move money and keep it on the platform. Who Led Canada’s Race To $0 Trading And Free Market Data Wealthsimple Trade launched nationally on March 13, 2019 with $0 commissions on Canadian and U.S. stocks and ETFs. Questrade removed commissions on listed stocks and ETFs ...
November 10, 2026 | Market Activity | Artificial Intelligence And Data, Capital Markets Infrastructure And Funding A Toronto Fintech Riskfuel Analytics Brings AI Pricing Into BBVA’s Global Markets Workflow On November 10, 2026, BBVA deployed Riskfuel Analytics' neural pricing technology inside the pre-trade structuring workflow for autocallable products on its ePricer platform. Riskfuel is a Toronto fintech founded in 2019 that builds AI models for derivatives pricing. BBVA is a global bank with a large corporate and investment banking business. The deployment puts Canadian built AI directly into the calculations used to design complex structured products at a major global bank. Riskfuel's model is trained on BBVA's own pricing engine and uses more than 4,000 market and product inputs. The company says the surrogate was tested against more than 100,000 trades and can evaluate thousands of candidate structures in under a minute. BBVA had already added AI generated investment ideas to ePricer in September. Riskfuel goes further into the workflow by speeding up the numerical pricing work while BBVA's own model remains the reference. How Riskfuel Speeds Up BBVA's Autocallable Pricing Autocallables can depend on volatility, interest rates, dividends, maturity, coupon levels and several barrier conditions. Autocallables are structured investments ...
Nov 12, 2026 Buying a Canadian money services business starts with identifying what the buyer will acquire: a legal entity, a registration history, contracts, records and possibly an active operation. The value of that package depends on whether it supports the services the new owner intends to provide. A FINTRAC registration entry is an important starting point. It does not establish the company’s financial condition, the quality of its compliance programme or the availability of banking relationships after an acquisition. A payment business may also need a separate assessment under the Retail Payment Activities Act, or RPAA. For investors evaluating a Canadian MSB company for sale, due diligence should connect registration status, actual activities, transaction structure and financial evidence before the parties agree a completion timetable. Verify the Canadian MSB registration and legal entity Begin with the target’s exact legal name, incorporation details, registration number and current status. Match the entity in the corporate documents to the entity in FINTRAC’s Money Services Business Registry. FINTRAC explicitly states that registration does not mean it endorses or licenses a business. It also states that it does not issue licences or certificates of registration. A sales presentation using the phrase “FINTRAC licence” should ...
November 12, 2026 | NCFA Fintech Market Insight | Digital Assets Blockchain And Tokenization, Capital Markets Infrastructure And Funding, Wealthtech Investing And Trading Strategy still runs a software business, but Bitcoin now dominates its assets and capital raising. MSCI no longer treats that balance as an index eligible operating company. November 11, 2026, MSCI confirmed Strategy’s removal from the MSCI USA and MSCI World indexes after the November 30 close under its new methodology for non operating companies. MSCI is one of the world’s largest index providers, and its benchmarks are followed by funds investing across global equity markets. Japan’s Metaplanet is also being removed from an MSCI index. MSCI has decided that Strategy no longer qualifies for its equity indexes because Bitcoin now dominates its assets and much of its capital raising. Strategy still sells software and reports operating revenue, but MSCI is drawing a line between a business that holds investment assets and one where those assets have become the main financial story. Why Is MSCI Removing Strategy From Its Indexes? MSCI first looked at a rule aimed specifically at digital asset treasury companies. It later dropped that proposal and change it's methodology to cover companies whose finances ...
Nov 12, 2026 Crypto market cap is calculated by multiplying an asset's reference price by its circulating supply. A token priced at $2 with 50 million units circulating has a market cap of $100 million. The calculation estimates the value of that supply at the reference price; it does not total the money investors deposited. To understand a change in the ranking, examine both inputs and the provider's definitions. A larger number can result from price changes, supply changes, or revised reporting. Establish what the two inputs represent The arithmetic is simple, but neither input is self-explanatory. “Price” may be a reference assembled from selected trading pairs and venues, rather than the last transaction on the exchange you use. A provider may exclude observations or convert quote currencies. Two services can publish different estimates because their source selection and methods differ. Circulating supply is an estimate of units treated as available in the market under a provider's rules. It may differ from the number minted, the total recorded by a contract, or the maximum permitted under a protocol's current design. Locked balances, treasury allocations, burns, and scheduled releases require interpretation. A transparent methodology matters because identical arithmetic can still use ...
November 11, 2026 | NCFA Fintech Market Insight | Artificial Intelligence And Data, Capital Markets Infrastructure And Funding, Risk Compliance And Regtech Financial firms are putting AI agents into production well before giving them broad financial authority. That creates time to set identity, permissions and transaction controls before autonomous execution becomes common. On November 11, 2026, Bank of England Financial Policy Committee external member Jonathan Hall used his final FPC speech to examine what happens when AI agents get more authority inside financial firms. A Bank of England and FCA survey of 196 firms found that 80% already deploy AI agents and another 14% plan to within 12 months. Only 2% reported agents with broad autonomy, and none of those were in trading and payments. Finance is adopting agents quickly, but firms are still keeping people and hard limits around the decisions that can change money, positions or customer outcomes. AI Agents Are In Finance But They Are Not Trading Alone The 2026 Bank of England and FCA survey separates four levels of authority: Decision support lets an agent recommend an action while a person decides and executes it. Constrained execution lets the agent act inside preset rules. Conditional autonomy ...
November 10, 2026 | NCFA Fintech Market Insight | Capital Markets Infrastructure And Funding, Entrepreneurs Startups Small Businesses, Equity Crowdfunding And Alternative Funding A small group of large rounds is carrying Canadian venture totals while deal count and growth stage financing remain well below recent norms. On November 10, 2026, the Canadian Venture Capital and Private Equity Association published its Q3 2026 venture capital report. Canadian companies raised $4.3 billion across 397 deals through September, only 1% less capital than a year earlier. But 23 rounds of $50 million or more represented just 6% of disclosed deals and absorbed 58% of all venture capital invested. Deal count has also fallen every year since 2021. The national total is holding up far better than the number of companies getting financed. Six Big Rounds Carried 59% Of Q3 Venture Capital Q3 produced $1.35 billion across 129 deals. Capital was 1% higher than Q2, but deal count fell 15%. Six rounds above $50 million accounted for $793 million, or 59% of the quarter’s capital. That's a decent quarter for the companies that closed those rounds, but a weak quarter for everyone else. Mega rounds above $50 million totalled $2.5 billion across 23 transactions ...
November 11, 2026 | NCFA Story Intelligence | Competition And Market Structure, Wealthtech Investing And Trading, Regulation And Policy Canada is cutting bank fees and switching barriers after years of weak competition, high concentration and poor productivity. On November 7, 2026, the federal government proposed something Canadian investors have complained about for years. Banks would no longer be allowed to charge most investment account transfer fees, which typically cost about $150 per account. Ottawa also wants clearer transfer information and tighter timelines for moving investments to another financial institution. The fee matters because leaving can already be slow and frustrating. Receiving firms often reimburse the outgoing charge to win the account. That means a fee collected by the institution losing the customer can become part of the acquisition cost for the institution trying to win that customer. Canada's six largest banks hold roughly 93% of banking assets. The Competition Bureau was warning about barriers facing fintech competitors in 2017. Ottawa began reviewing open banking in 2018. A federal advisory committee later recommended an operating system by January 2023 and warned that government should not delay. January 2023 came and went. Real Time Rail also slipped years beyond its first expected ...
November 10, 2026 | NCFA Fintech Market Insight | Digital Assets Blockchain And Tokenization, Capital Markets Infrastructure And Funding, Regulation And Policy Funds, Collateral And Settlement Lead Canada’s Near Term Tokenization Opportunity On November 10, 2026, the Canadian Securities Administrators published its Project Tokenization Phase 1 findings, setting out where Canadian market participants see the strongest commercial opportunities for tokenization and what regulators plan to test next. The report draws on 233 organizations, 21 bilateral meetings and 80 survey responses, along with workshops attended by 281 people in Calgary and 491 in Toronto. Participants put investment funds, private assets, collateral, treasury and settlement infrastructure ahead of public stocks as the strongest near term opportunities. The report also cuts through one of tokenization’s biggest sales pitches. Blockchain can change how an asset is recorded, transferred or settled, but it doesn't automatically create liquidity, investor demand, broader eligibility or stronger ownership rights. Those outcomes still depend on the product, market, legal structure and infrastructure around it. The CSA now plans to take specific projects into Phase 2 through a 120 day public call for proposals. Firms may be able to use existing regulatory processes, tailored regulatory treatment or bounded testing in a ...
Nov 11, 2026 A positive work environment is key for any team that wants to succeed. Team morale is crucial for productivity, motivation, and job satisfaction. Engaging in activities that lift spirits and strengthen connections can lead to great results. Creating a positive team environment requires creativity, engagement, and some fun. Each activity can strengthen connections, boost motivation, and improve workplace dynamics. When teams focus on strategies to boost morale, they work toward shared success. These activities can lead to lasting memories and help build a stronger team culture. Here are some fun strategies to help improve your team's morale and make the workplace livelier. Fun at the Arcade Visiting an arcade spot is a great way to enjoy time together and build teamwork. Imagine your team facing challenges with various games. Whether it's racing or playing team games, the arcade encourages friendly competition and bonding. These fun experiences can help reduce stress and improve relationships among coworkers. Arcades offer many options to suit diverse interests and skill levels. The lively atmosphere invites everyone to relax and take a break from their daily tasks. Shared laughter and enjoyment can lead to better communication and teamwork when you return to the ...
November 10, 2026 | Market Activity | Fundraising, Investing, Trading, Leadership, Competition, Human Capital, Health A Brokerage Race Beyond $0 Commissions On November 10, 2026, Webull Canada added Nasdaq Basic Canada, giving clients free real time Level 1 quote and trade data across Canadian listed equities. The feed provides best bid, best offer and last sale information for stocks listed on the TSX, TSX Venture, CSE and Cboe Canada. Nasdaq says its consolidated feed can reduce Level 1 market data costs by more than 60% compared with traditional Canadian data packages. Webull isn't first to give Canadian investors free real time information. The more interesting story is how quickly another paid feature is becoming part of the basic brokerage account. Wealthsimple helped normalize $0 trading in 2019, Questrade followed in 2025 and Webull dropped its own commissions in April 2026. With the headline trading fee largely gone, brokers now need other reasons for investors to move money and keep it on the platform. Who Led Canada’s Race To $0 Trading And Free Market Data Wealthsimple Trade launched nationally on March 13, 2019 with $0 commissions on Canadian and U.S. stocks and ETFs. Questrade removed commissions on listed stocks and ETFs ...
November 10, 2026 | Market Activity | Artificial Intelligence And Data, Capital Markets Infrastructure And Funding A Toronto Fintech Riskfuel Analytics Brings AI Pricing Into BBVA’s Global Markets Workflow On November 10, 2026, BBVA deployed Riskfuel Analytics' neural pricing technology inside the pre-trade structuring workflow for autocallable products on its ePricer platform. Riskfuel is a Toronto fintech founded in 2019 that builds AI models for derivatives pricing. BBVA is a global bank with a large corporate and investment banking business. The deployment puts Canadian built AI directly into the calculations used to design complex structured products at a major global bank. Riskfuel's model is trained on BBVA's own pricing engine and uses more than 4,000 market and product inputs. The company says the surrogate was tested against more than 100,000 trades and can evaluate thousands of candidate structures in under a minute. BBVA had already added AI generated investment ideas to ePricer in September. Riskfuel goes further into the workflow by speeding up the numerical pricing work while BBVA's own model remains the reference. How Riskfuel Speeds Up BBVA's Autocallable Pricing Autocallables can depend on volatility, interest rates, dividends, maturity, coupon levels and several barrier conditions. Autocallables are structured investments ...
Trump Signs Order for Bitcoin Reserve, Crypto Stockpile
Digital Assets | March 7, 2025
AI image
Trump Signs Executive Order Establishing Strategic Bitcoin Reserve and Digital Asset Stockpile
On March 6, 2025, President Donald Trump signed an executive order to create a Strategic Bitcoin Reserve and a U.S. Digital Asset Stockpile (read the Fact Sheet), which was announced by White House AI and Crypto Czar David Sacks on X. This is an historic shift in U.S. policy towards the crypto sector.
David Sacks on X:
"Promises made, promises kept. This Executive Order underscores President Trump’s commitment to making the U.S. the 'crypto capital of the world.'"
What The Executive Order Means
The executive order creates a Strategic Bitcoin Reserve, which acts like a digital version of gold reserves. Instead of selling Bitcoin seized in legal cases, the government will hold onto it as a long-term asset to ensure Bitcoin is part of America's financial strategy rather than being liquidated. Government agencies must determine if they have any seized Bitcoin that should be transferred into the reserve. The Treasury and Commerce Departments have also been given authority to look for ways to increase the government’s Bitcoin holdings without using taxpayer money.
See: SEC Commissioner Peirce Consults on Crypto Regulations
Also to address the debate over a dedicated Bitcoin reserve vs a basket of crypto, the order establishes a U.S. Digital Asset Stockpile to handle other cryptocurrencies seized by the government. However unlike Bitcoin which will be kept as a long-term asset, the government has the option to sell other digital assets in the stockpile when needed. The Treasury Secretary will be responsible for deciding how to manage these assets.
For transparency, the order requires a complete audit of all digital assets held by the government. Every federal agency must report exactly what cryptocurrencies they have so they can be tracked and managed.
Fixing the Gaps Government's Crypto Strategy
President Trump’s executive order puts an end to the government’s uncoordinated approach to handling seized digital assets. "Premature sales of Bitcoin have already cost U.S. taxpayers over $17 billion," Sacks noted. The new policy ensures that all digital assets are managed under a unified strategy led by the Treasury Department, preventing rushed sales and maximizing the value of crypto held by the government.
See: Trump’s U.S. Crypto Reserve Sparks Market Surge, Debate
By placing all government held digital assets under the Treasury’s control and requiring a full audit, this order creates a more organized and accountable system. This move not only helps the U.S. get the most value from its crypto holdings but also sets an example for how other governments might approach digital asset management.
What’s Next?
Today from 1:30 PM to 5:30 PM EST, the White House is hosting a Crypto Summit or roundtable with key policymakers and industry leaders to discuss the impact of the executive order and other key agenda items in focus around securing Bitcoin's place in U.S. financial infrastructure. Cointelegraph has published a list of confirmed attendees who accounts for about 22 executives to participate on the future of digital assets in the U.S.
Here's a PBS link for your viewing. Kickoff time seems to be quite fluid, looks like around 3 PM EST:
The National Crowdfunding & Fintech Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with fintech, alternative finance, blockchain, cryptocurrency, crowdfunding and online investing stakeholders globally. NCFA Canada provides education, research, industry stewardship, services, and networking opportunities to thousands of members and subscribers and works closely with industry, government, academia, community and eco-system partners and affiliates to create a strong and vibrant crowdfunding and fintech industry. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Nov 12, 2026 Buying a Canadian money services business starts with identifying what the buyer will acquire: a legal entity, a registration history, contracts, records and possibly an active operation. The value of that package depends on whether it supports the services the new owner intends to provide. A FINTRAC registration entry is an important starting point. It does not establish the company’s financial condition, the quality of its compliance programme or the availability of banking relationships after an acquisition. A payment business may also need a separate assessment under the Retail Payment Activities Act, or RPAA. For investors evaluating a Canadian MSB company for sale, due diligence should connect registration status, actual activities, transaction structure and financial evidence before the parties agree a completion timetable. Verify the Canadian MSB registration and legal entity Begin with the target’s exact legal name, incorporation details, registration number and current status. Match the entity in the corporate documents to the entity in FINTRAC’s Money Services Business Registry. FINTRAC explicitly states that registration does not mean it endorses or licenses a business. It also states that it does not issue licences or certificates of registration. A sales presentation using the phrase “FINTRAC licence” should ...
November 12, 2026 | NCFA Fintech Market Insight | Digital Assets Blockchain And Tokenization, Capital Markets Infrastructure And Funding, Wealthtech Investing And Trading Strategy still runs a software business, but Bitcoin now dominates its assets and capital raising. MSCI no longer treats that balance as an index eligible operating company. November 11, 2026, MSCI confirmed Strategy’s removal from the MSCI USA and MSCI World indexes after the November 30 close under its new methodology for non operating companies. MSCI is one of the world’s largest index providers, and its benchmarks are followed by funds investing across global equity markets. Japan’s Metaplanet is also being removed from an MSCI index. MSCI has decided that Strategy no longer qualifies for its equity indexes because Bitcoin now dominates its assets and much of its capital raising. Strategy still sells software and reports operating revenue, but MSCI is drawing a line between a business that holds investment assets and one where those assets have become the main financial story. Why Is MSCI Removing Strategy From Its Indexes? MSCI first looked at a rule aimed specifically at digital asset treasury companies. It later dropped that proposal and change it's methodology to cover companies whose finances ...
Nov 12, 2026 Crypto market cap is calculated by multiplying an asset's reference price by its circulating supply. A token priced at $2 with 50 million units circulating has a market cap of $100 million. The calculation estimates the value of that supply at the reference price; it does not total the money investors deposited. To understand a change in the ranking, examine both inputs and the provider's definitions. A larger number can result from price changes, supply changes, or revised reporting. Establish what the two inputs represent The arithmetic is simple, but neither input is self-explanatory. “Price” may be a reference assembled from selected trading pairs and venues, rather than the last transaction on the exchange you use. A provider may exclude observations or convert quote currencies. Two services can publish different estimates because their source selection and methods differ. Circulating supply is an estimate of units treated as available in the market under a provider's rules. It may differ from the number minted, the total recorded by a contract, or the maximum permitted under a protocol's current design. Locked balances, treasury allocations, burns, and scheduled releases require interpretation. A transparent methodology matters because identical arithmetic can still use ...
November 11, 2026 | NCFA Fintech Market Insight | Artificial Intelligence And Data, Capital Markets Infrastructure And Funding, Risk Compliance And Regtech Financial firms are putting AI agents into production well before giving them broad financial authority. That creates time to set identity, permissions and transaction controls before autonomous execution becomes common. On November 11, 2026, Bank of England Financial Policy Committee external member Jonathan Hall used his final FPC speech to examine what happens when AI agents get more authority inside financial firms. A Bank of England and FCA survey of 196 firms found that 80% already deploy AI agents and another 14% plan to within 12 months. Only 2% reported agents with broad autonomy, and none of those were in trading and payments. Finance is adopting agents quickly, but firms are still keeping people and hard limits around the decisions that can change money, positions or customer outcomes. AI Agents Are In Finance But They Are Not Trading Alone The 2026 Bank of England and FCA survey separates four levels of authority: Decision support lets an agent recommend an action while a person decides and executes it. Constrained execution lets the agent act inside preset rules. Conditional autonomy ...
November 10, 2026 | NCFA Fintech Market Insight | Capital Markets Infrastructure And Funding, Entrepreneurs Startups Small Businesses, Equity Crowdfunding And Alternative Funding A small group of large rounds is carrying Canadian venture totals while deal count and growth stage financing remain well below recent norms. On November 10, 2026, the Canadian Venture Capital and Private Equity Association published its Q3 2026 venture capital report. Canadian companies raised $4.3 billion across 397 deals through September, only 1% less capital than a year earlier. But 23 rounds of $50 million or more represented just 6% of disclosed deals and absorbed 58% of all venture capital invested. Deal count has also fallen every year since 2021. The national total is holding up far better than the number of companies getting financed. Six Big Rounds Carried 59% Of Q3 Venture Capital Q3 produced $1.35 billion across 129 deals. Capital was 1% higher than Q2, but deal count fell 15%. Six rounds above $50 million accounted for $793 million, or 59% of the quarter’s capital. That's a decent quarter for the companies that closed those rounds, but a weak quarter for everyone else. Mega rounds above $50 million totalled $2.5 billion across 23 transactions ...
November 11, 2026 | NCFA Story Intelligence | Competition And Market Structure, Wealthtech Investing And Trading, Regulation And Policy Canada is cutting bank fees and switching barriers after years of weak competition, high concentration and poor productivity. On November 7, 2026, the federal government proposed something Canadian investors have complained about for years. Banks would no longer be allowed to charge most investment account transfer fees, which typically cost about $150 per account. Ottawa also wants clearer transfer information and tighter timelines for moving investments to another financial institution. The fee matters because leaving can already be slow and frustrating. Receiving firms often reimburse the outgoing charge to win the account. That means a fee collected by the institution losing the customer can become part of the acquisition cost for the institution trying to win that customer. Canada's six largest banks hold roughly 93% of banking assets. The Competition Bureau was warning about barriers facing fintech competitors in 2017. Ottawa began reviewing open banking in 2018. A federal advisory committee later recommended an operating system by January 2023 and warned that government should not delay. January 2023 came and went. Real Time Rail also slipped years beyond its first expected ...
November 10, 2026 | NCFA Fintech Market Insight | Digital Assets Blockchain And Tokenization, Capital Markets Infrastructure And Funding, Regulation And Policy Funds, Collateral And Settlement Lead Canada’s Near Term Tokenization Opportunity On November 10, 2026, the Canadian Securities Administrators published its Project Tokenization Phase 1 findings, setting out where Canadian market participants see the strongest commercial opportunities for tokenization and what regulators plan to test next. The report draws on 233 organizations, 21 bilateral meetings and 80 survey responses, along with workshops attended by 281 people in Calgary and 491 in Toronto. Participants put investment funds, private assets, collateral, treasury and settlement infrastructure ahead of public stocks as the strongest near term opportunities. The report also cuts through one of tokenization’s biggest sales pitches. Blockchain can change how an asset is recorded, transferred or settled, but it doesn't automatically create liquidity, investor demand, broader eligibility or stronger ownership rights. Those outcomes still depend on the product, market, legal structure and infrastructure around it. The CSA now plans to take specific projects into Phase 2 through a 120 day public call for proposals. Firms may be able to use existing regulatory processes, tailored regulatory treatment or bounded testing in a ...
Nov 11, 2026 A positive work environment is key for any team that wants to succeed. Team morale is crucial for productivity, motivation, and job satisfaction. Engaging in activities that lift spirits and strengthen connections can lead to great results. Creating a positive team environment requires creativity, engagement, and some fun. Each activity can strengthen connections, boost motivation, and improve workplace dynamics. When teams focus on strategies to boost morale, they work toward shared success. These activities can lead to lasting memories and help build a stronger team culture. Here are some fun strategies to help improve your team's morale and make the workplace livelier. Fun at the Arcade Visiting an arcade spot is a great way to enjoy time together and build teamwork. Imagine your team facing challenges with various games. Whether it's racing or playing team games, the arcade encourages friendly competition and bonding. These fun experiences can help reduce stress and improve relationships among coworkers. Arcades offer many options to suit diverse interests and skill levels. The lively atmosphere invites everyone to relax and take a break from their daily tasks. Shared laughter and enjoyment can lead to better communication and teamwork when you return to the ...
November 10, 2026 | Market Activity | Fundraising, Investing, Trading, Leadership, Competition, Human Capital, Health A Brokerage Race Beyond $0 Commissions On November 10, 2026, Webull Canada added Nasdaq Basic Canada, giving clients free real time Level 1 quote and trade data across Canadian listed equities. The feed provides best bid, best offer and last sale information for stocks listed on the TSX, TSX Venture, CSE and Cboe Canada. Nasdaq says its consolidated feed can reduce Level 1 market data costs by more than 60% compared with traditional Canadian data packages. Webull isn't first to give Canadian investors free real time information. The more interesting story is how quickly another paid feature is becoming part of the basic brokerage account. Wealthsimple helped normalize $0 trading in 2019, Questrade followed in 2025 and Webull dropped its own commissions in April 2026. With the headline trading fee largely gone, brokers now need other reasons for investors to move money and keep it on the platform. Who Led Canada’s Race To $0 Trading And Free Market Data Wealthsimple Trade launched nationally on March 13, 2019 with $0 commissions on Canadian and U.S. stocks and ETFs. Questrade removed commissions on listed stocks and ETFs ...
November 10, 2026 | Market Activity | Artificial Intelligence And Data, Capital Markets Infrastructure And Funding A Toronto Fintech Riskfuel Analytics Brings AI Pricing Into BBVA’s Global Markets Workflow On November 10, 2026, BBVA deployed Riskfuel Analytics' neural pricing technology inside the pre-trade structuring workflow for autocallable products on its ePricer platform. Riskfuel is a Toronto fintech founded in 2019 that builds AI models for derivatives pricing. BBVA is a global bank with a large corporate and investment banking business. The deployment puts Canadian built AI directly into the calculations used to design complex structured products at a major global bank. Riskfuel's model is trained on BBVA's own pricing engine and uses more than 4,000 market and product inputs. The company says the surrogate was tested against more than 100,000 trades and can evaluate thousands of candidate structures in under a minute. BBVA had already added AI generated investment ideas to ePricer in September. Riskfuel goes further into the workflow by speeding up the numerical pricing work while BBVA's own model remains the reference. How Riskfuel Speeds Up BBVA's Autocallable Pricing Autocallables can depend on volatility, interest rates, dividends, maturity, coupon levels and several barrier conditions. Autocallables are structured investments ...
Nov 12, 2026 Buying a Canadian money services business starts with identifying what the buyer will acquire: a legal entity, a registration history, contracts, records and possibly an active operation. The value of that package depends on whether it supports the services the new owner intends to provide. A FINTRAC registration entry is an important starting point. It does not establish the company’s financial condition, the quality of its compliance programme or the availability of banking relationships after an acquisition. A payment business may also need a separate assessment under the Retail Payment Activities Act, or RPAA. For investors evaluating a Canadian MSB company for sale, due diligence should connect registration status, actual activities, transaction structure and financial evidence before the parties agree a completion timetable. Verify the Canadian MSB registration and legal entity Begin with the target’s exact legal name, incorporation details, registration number and current status. Match the entity in the corporate documents to the entity in FINTRAC’s Money Services Business Registry. FINTRAC explicitly states that registration does not mean it endorses or licenses a business. It also states that it does not issue licences or certificates of registration. A sales presentation using the phrase “FINTRAC licence” should ...
November 12, 2026 | NCFA Fintech Market Insight | Digital Assets Blockchain And Tokenization, Capital Markets Infrastructure And Funding, Wealthtech Investing And Trading Strategy still runs a software business, but Bitcoin now dominates its assets and capital raising. MSCI no longer treats that balance as an index eligible operating company. November 11, 2026, MSCI confirmed Strategy’s removal from the MSCI USA and MSCI World indexes after the November 30 close under its new methodology for non operating companies. MSCI is one of the world’s largest index providers, and its benchmarks are followed by funds investing across global equity markets. Japan’s Metaplanet is also being removed from an MSCI index. MSCI has decided that Strategy no longer qualifies for its equity indexes because Bitcoin now dominates its assets and much of its capital raising. Strategy still sells software and reports operating revenue, but MSCI is drawing a line between a business that holds investment assets and one where those assets have become the main financial story. Why Is MSCI Removing Strategy From Its Indexes? MSCI first looked at a rule aimed specifically at digital asset treasury companies. It later dropped that proposal and change it's methodology to cover companies whose finances ...
Nov 12, 2026 Crypto market cap is calculated by multiplying an asset's reference price by its circulating supply. A token priced at $2 with 50 million units circulating has a market cap of $100 million. The calculation estimates the value of that supply at the reference price; it does not total the money investors deposited. To understand a change in the ranking, examine both inputs and the provider's definitions. A larger number can result from price changes, supply changes, or revised reporting. Establish what the two inputs represent The arithmetic is simple, but neither input is self-explanatory. “Price” may be a reference assembled from selected trading pairs and venues, rather than the last transaction on the exchange you use. A provider may exclude observations or convert quote currencies. Two services can publish different estimates because their source selection and methods differ. Circulating supply is an estimate of units treated as available in the market under a provider's rules. It may differ from the number minted, the total recorded by a contract, or the maximum permitted under a protocol's current design. Locked balances, treasury allocations, burns, and scheduled releases require interpretation. A transparent methodology matters because identical arithmetic can still use ...
November 11, 2026 | NCFA Fintech Market Insight | Artificial Intelligence And Data, Capital Markets Infrastructure And Funding, Risk Compliance And Regtech Financial firms are putting AI agents into production well before giving them broad financial authority. That creates time to set identity, permissions and transaction controls before autonomous execution becomes common. On November 11, 2026, Bank of England Financial Policy Committee external member Jonathan Hall used his final FPC speech to examine what happens when AI agents get more authority inside financial firms. A Bank of England and FCA survey of 196 firms found that 80% already deploy AI agents and another 14% plan to within 12 months. Only 2% reported agents with broad autonomy, and none of those were in trading and payments. Finance is adopting agents quickly, but firms are still keeping people and hard limits around the decisions that can change money, positions or customer outcomes. AI Agents Are In Finance But They Are Not Trading Alone The 2026 Bank of England and FCA survey separates four levels of authority: Decision support lets an agent recommend an action while a person decides and executes it. Constrained execution lets the agent act inside preset rules. Conditional autonomy ...
November 10, 2026 | NCFA Fintech Market Insight | Capital Markets Infrastructure And Funding, Entrepreneurs Startups Small Businesses, Equity Crowdfunding And Alternative Funding A small group of large rounds is carrying Canadian venture totals while deal count and growth stage financing remain well below recent norms. On November 10, 2026, the Canadian Venture Capital and Private Equity Association published its Q3 2026 venture capital report. Canadian companies raised $4.3 billion across 397 deals through September, only 1% less capital than a year earlier. But 23 rounds of $50 million or more represented just 6% of disclosed deals and absorbed 58% of all venture capital invested. Deal count has also fallen every year since 2021. The national total is holding up far better than the number of companies getting financed. Six Big Rounds Carried 59% Of Q3 Venture Capital Q3 produced $1.35 billion across 129 deals. Capital was 1% higher than Q2, but deal count fell 15%. Six rounds above $50 million accounted for $793 million, or 59% of the quarter’s capital. That's a decent quarter for the companies that closed those rounds, but a weak quarter for everyone else. Mega rounds above $50 million totalled $2.5 billion across 23 transactions ...
November 11, 2026 | NCFA Story Intelligence | Competition And Market Structure, Wealthtech Investing And Trading, Regulation And Policy Canada is cutting bank fees and switching barriers after years of weak competition, high concentration and poor productivity. On November 7, 2026, the federal government proposed something Canadian investors have complained about for years. Banks would no longer be allowed to charge most investment account transfer fees, which typically cost about $150 per account. Ottawa also wants clearer transfer information and tighter timelines for moving investments to another financial institution. The fee matters because leaving can already be slow and frustrating. Receiving firms often reimburse the outgoing charge to win the account. That means a fee collected by the institution losing the customer can become part of the acquisition cost for the institution trying to win that customer. Canada's six largest banks hold roughly 93% of banking assets. The Competition Bureau was warning about barriers facing fintech competitors in 2017. Ottawa began reviewing open banking in 2018. A federal advisory committee later recommended an operating system by January 2023 and warned that government should not delay. January 2023 came and went. Real Time Rail also slipped years beyond its first expected ...
November 10, 2026 | NCFA Fintech Market Insight | Digital Assets Blockchain And Tokenization, Capital Markets Infrastructure And Funding, Regulation And Policy Funds, Collateral And Settlement Lead Canada’s Near Term Tokenization Opportunity On November 10, 2026, the Canadian Securities Administrators published its Project Tokenization Phase 1 findings, setting out where Canadian market participants see the strongest commercial opportunities for tokenization and what regulators plan to test next. The report draws on 233 organizations, 21 bilateral meetings and 80 survey responses, along with workshops attended by 281 people in Calgary and 491 in Toronto. Participants put investment funds, private assets, collateral, treasury and settlement infrastructure ahead of public stocks as the strongest near term opportunities. The report also cuts through one of tokenization’s biggest sales pitches. Blockchain can change how an asset is recorded, transferred or settled, but it doesn't automatically create liquidity, investor demand, broader eligibility or stronger ownership rights. Those outcomes still depend on the product, market, legal structure and infrastructure around it. The CSA now plans to take specific projects into Phase 2 through a 120 day public call for proposals. Firms may be able to use existing regulatory processes, tailored regulatory treatment or bounded testing in a ...
Nov 11, 2026 A positive work environment is key for any team that wants to succeed. Team morale is crucial for productivity, motivation, and job satisfaction. Engaging in activities that lift spirits and strengthen connections can lead to great results. Creating a positive team environment requires creativity, engagement, and some fun. Each activity can strengthen connections, boost motivation, and improve workplace dynamics. When teams focus on strategies to boost morale, they work toward shared success. These activities can lead to lasting memories and help build a stronger team culture. Here are some fun strategies to help improve your team's morale and make the workplace livelier. Fun at the Arcade Visiting an arcade spot is a great way to enjoy time together and build teamwork. Imagine your team facing challenges with various games. Whether it's racing or playing team games, the arcade encourages friendly competition and bonding. These fun experiences can help reduce stress and improve relationships among coworkers. Arcades offer many options to suit diverse interests and skill levels. The lively atmosphere invites everyone to relax and take a break from their daily tasks. Shared laughter and enjoyment can lead to better communication and teamwork when you return to the ...
November 10, 2026 | Market Activity | Fundraising, Investing, Trading, Leadership, Competition, Human Capital, Health A Brokerage Race Beyond $0 Commissions On November 10, 2026, Webull Canada added Nasdaq Basic Canada, giving clients free real time Level 1 quote and trade data across Canadian listed equities. The feed provides best bid, best offer and last sale information for stocks listed on the TSX, TSX Venture, CSE and Cboe Canada. Nasdaq says its consolidated feed can reduce Level 1 market data costs by more than 60% compared with traditional Canadian data packages. Webull isn't first to give Canadian investors free real time information. The more interesting story is how quickly another paid feature is becoming part of the basic brokerage account. Wealthsimple helped normalize $0 trading in 2019, Questrade followed in 2025 and Webull dropped its own commissions in April 2026. With the headline trading fee largely gone, brokers now need other reasons for investors to move money and keep it on the platform. Who Led Canada’s Race To $0 Trading And Free Market Data Wealthsimple Trade launched nationally on March 13, 2019 with $0 commissions on Canadian and U.S. stocks and ETFs. Questrade removed commissions on listed stocks and ETFs ...
November 10, 2026 | Market Activity | Artificial Intelligence And Data, Capital Markets Infrastructure And Funding A Toronto Fintech Riskfuel Analytics Brings AI Pricing Into BBVA’s Global Markets Workflow On November 10, 2026, BBVA deployed Riskfuel Analytics' neural pricing technology inside the pre-trade structuring workflow for autocallable products on its ePricer platform. Riskfuel is a Toronto fintech founded in 2019 that builds AI models for derivatives pricing. BBVA is a global bank with a large corporate and investment banking business. The deployment puts Canadian built AI directly into the calculations used to design complex structured products at a major global bank. Riskfuel's model is trained on BBVA's own pricing engine and uses more than 4,000 market and product inputs. The company says the surrogate was tested against more than 100,000 trades and can evaluate thousands of candidate structures in under a minute. BBVA had already added AI generated investment ideas to ePricer in September. Riskfuel goes further into the workflow by speeding up the numerical pricing work while BBVA's own model remains the reference. How Riskfuel Speeds Up BBVA's Autocallable Pricing Autocallables can depend on volatility, interest rates, dividends, maturity, coupon levels and several barrier conditions. Autocallables are structured investments ...
SEC Drops Yuga Labs Investigation and Kraken Case
Regulation | March 4, 2025
Image: Freepik/rawpixel.com
More SEC Crypto Cases Dropped as Regulatory Rollback Continues
As the SEC retreats from its regulate by enforcement approach from the prior administration, major SEC cases against the crypto world are dropping faster than a meme coin in a bear market. In a previous NCFA article, we covered that the SEC had already dropped, paused, or closed major cases that in some cases were years in the making including Robinhood, Coinbase, OpenSea, Uniswap, Binance, Ripple and ConsenSys. Now Yuga Labs and Kraken are the latest to join the relief list.
Yuga Labs Investigation Closed
On March 3, 2025, Yuga Labs shared that the SEC has officially dropped its investigation into the company’s non-fungible token (NFT) sales. The investigation had been ongoing for almost three years and was looking into whether Yuga NFTs should be treated as securities. This news is a big win for digital creators and the NFT space, foreshadowing that NFTs may not be classified as stocks and other traditional assets so they don't have to meet the same strict financial regulations.
Yuga Labs post on X:
After 3+ years, the SEC has officially closed its investigation into Yuga Labs. This is a huge win for NFTs and all creators pushing our ecosystem forward. NFTs are not securities.
Kraken Claims Legal Victory
Also on March 3, 2025, Kraken announced that the SEC had dismissed its lawsuit against the company. The case heated up in early 2023 and was filed later that year, accusing Kraken of operating as an unregistered securities exchange. With this decision, Kraken can continue running its business as usual without paying any fines or making changes to how it operates. This supports the argument that crypto exchanges can function under existing regulations without facing harsh enforcement actions.
Kraken celebrated the news in this blog post:
“The SEC’s case against us has been dismissed, with no fines, no restrictions on our business, and no admission of wrongdoing. This is a victory not just for Kraken but for the broader crypto industry.”
Regulatory Developments to Watch
This Friday March 8, the White House is hosting a crypto summit where top industry leaders and government officials will debate the future of digital assets. The event is expected to influence upcoming regulations and will no doubt provide insight into the SECs future direction on crypto regulations.
See: Trump’s U.S. Crypto Reserve Sparks Market Surge, Debate
At the same time SEC Commissioner Hester Peirce has launched a consultation process to update outdated financial regulations. Her goal is to create a more flexible framework that supports blockchain innovation and decentralized finance. Peirce has consistently advocated for fair and innovation friendly regulations, and this is industry's opportunity to provide input into the future of crypto regulations that will be clear and comprehensive. Read more about the scope of the digital asset consultations and insights here.
Final Thoughts
The National Crowdfunding & Fintech Association of Canada (NCFA) views these developments as a positive step toward a balanced regulatory approach that fosters both investor protection and innovation. NCFA will continue advocating for fair, and forward thinking policies as the crypto landscape evolves.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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SEC Commissioner Peirce Consults on Crypto Regulations
Crypto Regulations | March 3, 2025
Image: Freepik/wirestock
A Rare Opportunity for the Crypto Industry to Shape Future Regulation
SEC Commissioner Hester Peirce is inviting the public to provide input on the future of crypto regulation. She's launched a consultation to gather insights on how digital assets should be classified, traded, and overseen. This consultation presents a rare opportunity for industry participants, investors, and policymakers to directly influence the regulatory framework governing digital assets. The results could have profound implications on how tokens are issued, traded, and managed in the U.S. and around the globe.
See: Trump’s U.S. Crypto Reserve Sparks Market Surge, Debate
Until now crypto regulation in America has been a patchwork of unclear policies, aggressive enforcement, and courtroom battles. The industry has long argued that the U.S. lacks a clear framework for digital assets, pushing innovation offshore. Peirce’s invitation opens the door. Regulators are asking for help and the crypto industry should answer.
Key Issues in the Consultation Scope
1. Crypto Asset Taxonomy
The SEC wants to create a transparent and clear system for categorizing crypto assets, defining what qualifies as a security, a tokenized security, an investment contract asset, or something else entirely. Right now, many crypto assets exist in a regulatory gray area which has led to legal uncertainty and enforcement actions. For example, stablecoins are widely used for payments and trading but regulators are still debating whether they should be qlassified as securities, commodities, or a new category altogether. A structured classification system could provide the much needed clarity for businesses and investors, reducing risks and uncertainty.
2. Public Offerings and Registration Challenges
The SEC is looking at whether existing securities laws are suitable for crypto offerings or if new set of registration rules are needed. Current regulations were designed for traditional stocks and bonds, which operate differently from decentralized crypto projects.
See: SEC Policy Reversals and Crypto Case Dismissals
Many blockchain startups struggle to fit into outdated frameworks, leading to legal uncertainty and high compliance costs. A more practical and transparent registration process would help businesses raise funds legally while ensuring investors receive the right level of protection.
3. Safe Harbour for Blockchain Development
One of Peirce’s earlier proposals called ‘Rule 195’ suggested giving blockchain projects a grace period to develop before facing full securities regulations. This is/was meant to address the uncertainty around when a token transforms from being a security to a decentralized asset. For example, Ethereum initially launched through a sale but was later recognized as decentralized. Without clear guidelines many projects face enforcement risks simply for trying to build innovative networks. A well designed and intentioned safe harbour could provide legal breathing room for legitimate projects to grow.
4. Trading and Secondary Markets
The SEC is examining whether crypto exchanges should have their own regulatory category instead of being forced into existing stock exchange rules. Crypto trading platforms operate differently, often using automated market makers and decentralized networks rather than traditional dealer-broker arrangements and structures. Applying outdated regulations could stifle innovation or push trading platforms offshore. A regulatory framework that acknowledges these differences could foster safer, more efficient crypto markets while still addressing fraud and investor protection concerns.
5. Custody Rules for Crypto Assets
The SEC is reviewing how investment firms, brokers, and custodians should handle crypto assets securely. Unlike traditional securities, crypto assets can be self-custodied or held on platforms that may not meet the same regulatory standards as banks. High profile failures like FTX have already exposed the risks in unregulated custody practices, making it clear that rules are a priority. Institutional investors need certainty about how to hold and protect digital assets without violating SEC regulations.
6. Crypto Lending and Staking
The SEC is questioning whether crypto lending and staking services should be classified as securities. Many platforms allow users to earn rewards for locking up tokens or lending them out but the legal status of these services is unclear. Some regulators argue that certain staking rewards resemble unregistered securities offerings, which should lead to enforcement actions, however a clear stance on how these services should be regulated would prevent legal uncertainty and ensure fair treatment for both businesses and investors.
7. Tokenized Securities and Settlement
The SEC is evaluating how blockchain-based assets like tokenized stocks and bonds should be regulated. Traditional securities are settled through clearinghouses in one or two days (T+1 or T+2) but blockchain technology allows for almost instant settlement.
See: Insights from the Tokenization Report Act of 2024 Hearing
This makes financial markets more efficient and reduces costs but current regulations don’t account for these innovative developments. If policymakers can create securities rules to accommodate tokenized assets, it would lead to a more modern financial system.
8. Regulatory Sandbox for Innovation
The SEC is considering a regulatory sandbox, which would allow crypto projects to operate in a controlled environment with regulatory oversight before launching fully. Other countries, such as the UK, Singapore and Canada already have sandboxes, to varying degrees of success, to encourage financial technology innovation. A U.S. regulatory sandbox could give blockchain startups a legal framework to test compliance measures while reducing regulatory risk. This approach would lead to better rules that support both innovation and consumer protection.
What This Means for Canada
Although this consultation is happening in the U.S., its impact will be felt here in Canada and around the globe. Canadian regulators are sure to be paying close attention to how the SEC approaches crypto, and any major changes in U.S. policy could influence Canada’s own regulatory direction. For Canadian fintech companies, this is a chance to push for clearer rules that align across borders rather than having a confusing mix of multiple regulations that companies need to comply with, slowing down innovation while increasing costs.
Outlook
Peirce’s request for input opens the door for stakeholders to use their experience and expertise to present viable modern solutions. If the industry doesn’t engage, policymakers may proceed with restrictive measures that fail to address crypto’s many unique characteristics. Industry leaders, fintech startups, and investors should not sit on the sidelines. The best way to counter regulatory uncertainty is to be part of the new rule making process. The SEC is listening and now is the time to speak up!
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Trump’s U.S. Crypto Reserve Sparks Market Surge, Debate
Crypto | March 3, 2025
Image: Freepik
Reactions Pour In as U.S. Moves Toward Crypto Reserve
On March 2, 2025, U.S. President Trump shook the financial world by announcing on Truth Social that the digital assets executive order signed in January directing the presidential working group to investigate a U.S. bitcoin reserve will now move forward with a strategic U.S. crypto reserve that includes XRP, SOL, ADA, BTC, and ETH. The initial post excluded BTC and ETH but in a follow-up post Trump added the inclusion of the two largest cryptocurrencies globally.
Within hours of the announcement, crypto prices soared with Bitcoin jumping over 12% reaching $94.5k, Ethereum climbing 10%, XRP over 30%, Solana and Cardano catapulting 14% and 47% respectively. Public stocks tied to crypto jumped too such as Coinbase and Marathon Digital, as investors rushed to capitalize on the bullish news. However, volatility remains high given that the mechanics of the reserve are still unclear. Additional details are expected on this Friday's Crypto Summit at the White House to take place this Friday, March 7, 2025 as announced by U.S. crypto czar David Sacks on X.
See: Vancouver’s Bitcoin Vision: A New Era for City Finances
President Trump on Truth Social:
“A U.S. crypto reserve will elevate this critical industry after years of corrupt attacks by the Biden administration, which is why my executive order on digital assets directed the presidential working group to move forward on a crypto strategic reserve that includes XRP, SOL, and ADA," Trump posted to his Truth Social account, referring to Ripple’s XRP, solana and cardano and without mentioning bitcoin.
“I will make sure the U.S. is the crypto capital of the world. We are making America great again.”
“Obviously, bitcoin and ethereum, other valuable cryptocurrencies, will be the heart of the reserve. I also love bitcoin and ethereum.”
Market Reactions
1. Bitcoin Maximalists and Advocates Divided
Hunter Horsley BitWise CEO criticized the inclusion of multiple cryptocurrencies in the reserve saying, "Bitcoin alone should be the standard. By adding altcoins, the reserve risks becoming speculative rather than a stable asset". While Ripple/XRPs CEO Brad Garlinghouse, naturally applauded the diversified approach arguing that a mutli-chain future is inevitable.
See: SEC Policy Reversals and Crypto Case Dismissals
Bitcoin advocate, Anthony Pompliano (Pomp) also criticized the reserve’s altcoin holdings as it strays from Bitcoin’s role as “hard money”. He argued that the U.S. government shouldn't be speculating on technology assets which he equates crypto holdings like ETH, SOL, XRP, and ADA to, compared to strategic reserves like gold or oil.
2. Political Stunt or Financial Revolution?
Former U.S. Treasury Secretary Janet Yellen expressed skepticism, stating that the decision lacks clear regulatory backing, warning, "While digital assets have their place, tying them to a national reserve without a defined framework could lead to regulatory headaches and instability in traditional markets."
3. Traditional Finance Sees It as a Threat
Warren Buffett, Berkshire Hathaway CEO called the move an "act of war" against traditional financial systems. "Crypto remains a speculative asset, and tying it to a national reserve could create economic instability in ways we haven't seen before".
4. Brian Armstrong on Institutional Adoption
Coinbase CEO Brian Armstrong reacted enthusiastically, stating on X that this move will force financial institutions to integrate digital assets. "Crypto is no longer a fringe asset class—governments are now recognizing its strategic importance". However, he also warned that regulatory clarity must accompany the initiative.
5. A Race for Global Crypto
El Salvador’s President Nayib Bukele who made Bitcoin legal tender in his country hailed the announcement. However, to secure a $1.4 billion loan from the International Monetary Fund, his administration had to adjust its Bitcoin policies, amending its Bitcoin Law to make acceptance voluntary, no longer accepting tax payments in Bitcoin, and restricting public sector involvement in cryptocurrency activities.
See: 10 Fintech and Crypto IPOs 2025 – Boom or Bubble?
These concessions reflect a balance between maintaining Bitcoin’s role in El Salvador’s economy while addressing the IMF’s financial stability concerns. "This is validation at the highest level. If the U.S. moves forward with this seriously, expect other nations to follow suit," he said. Meanwhile, the Czech National Bank announced it is studying Bitcoin's feasibility as a reserve asset.
Conclusion
The U.S. Crypto Reserve could accelerate digital asset adoption and alter financial regulations but there are a lot of details outstanding and it would require congressional approval. The world is no doubt watching.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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SEC Policy Reversals and Crypto Case Dismissals
SEC | Feb 25, 2025
Image: Freepik/jcomp
The SEC’s New Direction Under the Trump Administration
Since President Trump took office for the second term, the U.S. Securities and Exchange Commission (SEC) is undergoing major transformation. Not a week passes without key changes being announced from cost cutting to reversing key regulations away from policies set by the previous administration.
See: Trump Shuts CFPB Weakening Consumer Financial Protections
This changes impact corporate disclosures, shareholder rights, market regulations, and the SEC’s new approach to cryptocurrency to name a few. Here's a quick run-down to stay plugged in with what's going on.
Budget Cuts and Structural Changes
The SEC overseas $100 trillion U.S. capital markets and is getting their budgets slashed according to the Reuters exclusive, including the just announced removal of regional directors from ten offices. While the offices themselves remain open, the restructuring aims to centralize decision making to reduce overhead. For example, the Trump administration has ordered independent agencies like the SEC to submit draft regulations, strategic plans, and budget requests to the White House for review, increasing executive oversight over regulatory actions.
Leadership Changes
While NCFA already reported on the changes below, it's worth reiterating the following key leadership changes at the SEC:
- Paul Atkins nominated as SEC Chair - he was a former SEC commissioner and advocate for deregulation and currently awaits confirmation by the Senate.
- Mark Uyeda as Acting Chairman. He currently leads the SEC while Atkin's nomination is awaiting approval.
- Hester Peirce leads the Crypto task force - affectionately known as 'Crypto Mom' and for her pro-crypto views, is spearheading SEC efforts to create a clear regulatory framework for digital assets, which ill replace prior enforcement driven approaches.
Key Regulatory Rollbacks
1. Climate Disclosure Rule Rescinded
The SEC is no longer supporting the climate disclosure rule that required companies to disclose their greenhouse gas emissions. Acting Chair Uyeda questioned whether the SEC had the legal power to enforce this rule, signaling a move away from climate-related financial reporting. (Source)
2. Shareholder Proposal Restrictions Reinstated
Companies now have more power to reject shareholder requests, especially those about environmental, social, and governance (ESG) topics. This change rolls back previous rules that gave shareholders more say in company decisions.
3. Treasury Market Dealer Rule Withdrawn
A rule that required certain traders in the U.S. Treasury market to register as broker-dealers has been cancelled. This happened after legal challenges claimed the SEC had gone beyond its authority.
4. Crypto Custody Accounting Rule Reversed
The SEC has rescinded its prior guidance requiring crypto custodians to record digital asset liabilities on their balance sheets, reducing financial burdens for institutions handling cryptocurrency.
5. Increased Oversight of SEC Investigations
SEC staff must now obtain leadership approval before launching formal investigations, centralizing enforcement decisions and potentially slowing new probes.
New Approach to Crypto Regulation
The SEC has cancelled or dropped several high profile cases established during the prior administration, reflecting a dramatic shift in crypto regulations moving forward:
- The SEC has dropped its investigation into Robinhood’s crypto operations with no enforcement action. (see wells notice)
- Paul Grewal, Coinbase's chief legal officer said federal regulators/SEC will drop its lawsuit against Coinbase, which had accused the exchange of operating without proper registration.
- The SEC has also closed its investigation into OpenSea’s NFT marketplace.
- The SEC has concluded its investigation into Uniswap Labs with no enforcement action, providing a positive signal for DeFi platforms.
- The SEC and Binance have requested a 60-day pause in their legal battle, signalling potential negotiations for a settlement or case dismissal.
- Ripple CEO Brad Garlinghouse believes the SEC will drop its case against Ripple Labs. He pointed to the SEC’s recent shift in approach and the dismissal of other cases as positive signs. Further, the SEC has also recently removed any mention of the Ripple lawsuit from its website, suggesting the case could soon be resolved
- The SEC has agreed in principle to drop all pending securities charges against ConsenSys
Outlook
With fewer enforcement actions, reduced oversight, and a more favourable stance on crypto, the U.S. financial industry is entering a new phase. While these moves could encourage innovation and investment, they also raise concerns about market integrity and investor protection. Time will tell if these changes bring stability and growth or create new risks for the industry.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Crypto Meets Wall Street as SEC Approves Yield Stablecoin
Stablecoin Regulation | Feb 21, 2025
Image: Freepik/nikitabuida
SEC Greenlights First Interest Paying Stablecoin, Disrupting Banks and Crypto
As reported by Cointelegraph, the U.S. Securities and Exchange Commission (SEC) has approved the first yield-bearing stablecoin YLDS issued by Figure Markets. Per its filing document, this stablecoin is pegged to the U.S. dollar and offers holders an annual percentage yield (APY) of 3.85%.
See: Paxos International Launches Yield-Bearing USDL Stablecoin (Abu Dabi)
This approval shows the SEC's willingness to progress and regulate the stablecoin market and foreshadows the growing integration between traditional finance and blockchain technology, giving users the ability to earn interest on digital holdings without relying on external platforms. This development could significantly impact how people manage and invest their money, affecting banks, crypto lending platforms, and even government legislation.
YLDS Overview
- YLDS generates interest by providing an APY of 3.85%, which is calculated by the Secured Overnight Financing Rate (SOFR) minus 0.50%. Interest accrues daily and is paid monthly in U.S. dollars or additional YLDS tokens. Tradable 24/7 on Figure Markets with fiat conversions available during U.S. banking hours.
- YLDS is registered as a security with the SEC and is compliant with U.S. financial regulations.
- YLDS stablecoin is backed by assets similar to those held in prime money market funds including U.S. Treasury bonds and corporate debt (stable and reliable).
- YLDS runs on the Provenance Blockchain, allowing people to send money directly to each other without middlemen. This makes transactions faster, easier, and ideal for payments or sending money across borders.
How Interest Paying Stablecoins Could Disrupt Finance
- Today, banks rely on customer deposits to fund loans. If people everyday citizens move their savings to yield-bearing stablecoins which offers more competitive interest rates than traditional bank, banks could lose access to these funds, forcing them to raise interest rates or create new products to stay competitive.
- Current stablecoins like popular USDT and USDC don’t generate yields, but YLDS changes that. If investors jump to stablecoins that pay interest, it could force other stablecoin issuers to follow suit or risk losing market share.
See: Hester Peirce’s Crypto Taskforce Roadmap: What’s Next for Regulation?
- Some large financial firms and investment funds have been hesitant to enter crypto due to volatility and regulatory uncertainty. But now with a stable, interest bearing digital asset that is SEC approved, it'll be safer for institutions to participate and may accelerate mainstream adoption.
- DeFi lending platforms like Ledn, Aave, and Compound rely on user deposits to function. If investors can earn passive income from a regulated stablecoins, they may be less likely to use DeFi lending pools which would force lending platforms to innovate or adapt.
- The SEC’s approval of YLDS sets a legal precedent for treating yield paying stablecoins as securities. This could influence how similar digital assets are taxed, regulated, and reported in the U.S. and internationally, resulting in potentially new compliance requirements for investors.
Outlook
As more investors explore secure, yield-generating digital assets, the lines between blockchain and traditional banking will continue to blur. Stablecoins will never be the same again now that the genie is out of the bottle. Whether this sparks more regulation or greater financial freedom remains to be seen.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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