Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
Category Archives: Voices
Trump’s Tariff Pause Leaves Canada in the Cold
Economy | April 10, 2025
Image: Freepik/tawatchai07
Trump Temporarily Halts Tariffs for Most Countries But Keeps Pressure on Canada, Mexico, and China
On April 10, 2025, President Trump announced a 90-day pause on most of the newly implemented global trade tariffs after market backlash and political pressure. The break was extended to countries in Europe, Asia, and parts of South America, but Canada, Mexico, and China are still under tariff pressure.
Strategic Pause, Not for Everyone
While Trump paused the most recent tariffs for over 75 countries, U.S. tariffs still apply to Canada and Mexico primarily on cars and auto parts (25%), steel (25%), aluminum (10%), and some agricultural products like dairy, grains, and processed foods, and continue to affect cross border trade in manufacturing and farming sectors.
Trump's pause also didn't apply to China In fact, Tariffs on Chinese good were raised to 125%, as China hit back with an 84% tariff on U.S. goods and filed new complaints with the World Trade Organization.
See: Klarna Delays IPO As Markets React to Trump’s Tariffs
After the tariff pause was announced, markets surged with the S&P 500 exploding 9.5%, the largest one day gain since World War II, according to Business Insider.
But the rebound didn't last long, as markets opened the following morning on April 10, the S&P 500 dropped 2.3% out of the gate and is continuing its slide currently down 5%.
Timing of the Pause Raises Eyebrows
Right before the tariff pause was announced, Trump posted on social media telling people “THIS IS A GREAT TIME TO BUY!!! DJT.” The DJT trading symbol referenced his Trump Media & Technology Group company. Hours later, markets soared. Some U.S. lawmakers are questioning whether Trump or anyone close to him benefited financially from his announcement (aka insider trading).
According to TIME, Senator Adam Schiff has called for an investigation, asking the White House to hand over records to see if anyone used that information to trade stocks before the news went public.
Innovation Caught in the Crossfire
Tariffs aren't just about physical goods. Canada’s fintech firms, software exporters, and digital infrastructure providers also face risks, as many of these companies work closely with U.S. partners, investors, and regulators. Every barrier, whether its through tariffs, compliance hurdles or market uncertainty and confidence, slows down innovation, especially in the most innovative emerging sectors like AI, open banking, blockchain and embedded finance.
See: Five Ways Countries Are Responding to Trump’s Tariffs
Early stage startups are especially exposed, as any cross border collaborations, capital raises, and pilot projects face second thoughts and/or delays from U.S. partners.
What’s next?
Expect heightened volatility to continue. Canadian companies need to stay alert, continue to diversify trade relationships, and build a stronger domestic economy and ecosystem that reduces exposure to abrupt, off the cuff U.S. policy changes impacting trade and relationships.
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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Win Free Tickets to Consensus 2025! NCFA Pitch the Future Contest
Consenus 2025 | April 7, 2025
🔥 NCFA Ticket Giveaway Campaign 🔥 Win a Free Pro Pass to Consensus Toronto 2025!
NCFA Canada is excited to be an official Community Partner for Consensus Toronto 2025, happening May 14–16 at the Metro Toronto Convention Centre. Produced by CoinDesk, Consensus is the world’s most influential gathering of leaders in blockchain, crypto, Web3, and digital finance—bringing together founders, regulators, investors, policymakers, developers, and creators from around the globe.
See: Consensus 2025 Toronto | Spotlight on Canadian Speakers
With the conference just over a month away, we’re celebrating by launching the “Pitch the Future” Ticket Giveaway Contest — your chance to win a FREE Pro Pass (worth $950 USD) and join the action in Toronto alongside thousands of Web3 innovators.
Have a bold idea, future trend, or big vision? Building something cool and want to share it with the world? Tell us why you should be there, and you just might be!
🚀Pitch The Future Contest Details
1. WHEN
The ticket giveaway runs from now until April 30, 2025
2. ELIGIBILITY
To be eligible to participate, follow both NCFA and @consensus2025 on at least one of our social channels like Instagram, X, Facebook or @CoinDesk #Consensus2025 on LinkedIn, depending on where you post your entry.
3. HOW TO ENTER
Post any one of the following (we’re keeping it flexible and fun!):
- 🔮 A bold idea or prediction about the future of Web3, fintech, or crypto
- 🛠️ A quick description of what you're building or working on
- 🙋♀️ A few words on why you want to attend or why you should win a free ticket
Your pitch can be a short video, text post, image, or attachment—we’re open to creative formats!
➡️ Be sure to tag @ncfacanada and @consensus2025 and use the hashtag #Consensus2025.
4. WINNER SELECTION and DISTRIBUTION
- 🎉 Two winners will each receive One (1) Pro Pass to Consensus 2025
- Winners will be announced on May 1, 2025 via NCFA’s website and social channels
- Winners will be contacted privately and must confirm attendance.
- If unconfirmed within a reasonable time, an alternate winner may be selected.
5. 🔁 Social Sharing Best Practices
Help spread the word and support the community:
- Tag @consensus2025 on X
- Tag @CoinDesk on LinkedIn, Facebook, and Instagram
- Use #Consensus2025 in all contest-related posts
- Encourage your network to follow NCFA and Consensus Toronto for future updates
🔔 Don’t Miss Out!
Whether you're building the future, predicting it, or just hungry to be part of it, this is your shot to join the global Web3 community at Canada’s biggest crypto event of the year. Get your post up before April 30, and we’ll see you in Toronto!
See: 🚀 Join NCFA at Consensus 2025 Toronto May 14-16
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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Musk Expands AI Power Amidst Twitter Stake Lawsuit
AI | March 31, 2025
Image: Freepik/8photo
$33B xAI-X Merger Deepens Musk’s Control Amid Fraud Lawsuit
On March 282025, Elon Musk announced on X that xAI was acquiring X in an all-stock deal to merge data, computing power, AI models, distribution and top talent under one roof. xAI after the merger is valued at $80 billion. At the time of the acquisition, X was valued at $33 billion (includes $12.5 billion debt).
In many ways, the two companies are already working together in some respects, as xAI's chatbot Grok already uses posts on X to train its systems, and moving forward will likely become a larger part of an AI-powered platform, especially for paying users.
See: Elon Musk’s “Magic Money” Discovery and What It Means
Musk originally bought Twitter for $44 billion in 2022 but since taking over the platform which is now called X, the company's valuation has dropped in value and lost major advertisers.
Fraud Lawsuit Moves Forward
On the same day the merger was announced, a U.S. judge ruled that a shareholder lawsuit alleging securities fraud against Musk directly can proceed. Plaintiffs said Musk ignored a March 24, 2022 deadline to disclose that he had acquired more than 5% of Twitter’s shares, and waited 11 more days before filing with the SEC that he owned 9.2%. According to plaintiffs, that delay saved Musk more than $200 million while other investors sold at lower prices.
Further, U.S. District Judge Andrew Carter said Musk’s filings and tweets like the one jokingly turning Twitter’s logo into Doge could be intentionally misleading and expose Musk to financial penalties while raising questions about transparency and investor protection in large cap private tech deals, especially when ownership and management overlap.
Political Influence
Elon Musk has also waded big time into U.S. politics and is now a senior adviser to Donald Trump’s administration and tasked to consolidate or shut down parts of the federal government via the Department of Government Efficiency (DOGE), sparking significant backlash against DOGE which has extended to Musk's business ventures. National wide protests known as the 'Tesla Takedown' movement have occur at Tesla dealerships. Tesla's stock price has experienced a huge decline, partly because of the public's dissatisfaction with Musk's political involvement including prominent celebrities and politicians.
See: Trump’s Inauguration Marks New Chapter for Tech Giants
Meanwhile,Musk still runs Tesla, SpaceX, Neuralink, and The Boring Company, all of which rely on public contracts or infrastructure. Musk holds an unprecedented mix of public and private power, raising real concerns about accountability, fairness, and how much influence a person should have over technology and the public's agenda.
Why It Matters
This M&A deal is a new kind of vertical integration where tech, compute power, communication and political influence all fall under one roof. Investors, regulators, and the public must deal with the risks and implications of when the same person builds AI models, trains them on global conversations, distributes them on his own platform, and advises political leaders.
It's not just about scale, it's about the infrastructure of influence itself.
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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National Plan to Unlock Growth and Innovation
Royal Commission | March 28, 2025
Image: Freepik
Canada Needs a Bold National Plan to Support Innovation, Economic Growth, and Attract Investment
A group of Canadian policy experts from across the country at Policy Options are calling for a royal commission to secure Canada's future — and they're probably right if the first outputs and key decisions can be delivered on a very quick timeline (i.e. less than 6 months). They warn that Canada’s economic model is outdated, our policies are stuck in the 20th century, and our global competitiveness is slipping (let's not forget our continued productivity decline and inability to track significant investment).
See: The Crisis Canada and Fintech Can’t Afford to Waste
Canada's economy is underperforming. The country is slow to adopt modern financial infrastructure. Interprovincial trade barriers are costing billions. Canada lacks a coordinated innovation and startup scale-up strategy.
They argue that only a national, non-partisan effort like a royal commission can bring Canadians together to build a future-ready plan. For fintech, innovation, and entrepreneurship. If Canada is serious about attracting investment, scaling startups, and competing globally, it needs a national strategy that streamlines regulation, opens interprovincial trade, unlocks innovation and capital, boosts economic growth and attracts investment, and a royal commission could make that happen. Now is the time to act.
Royal commissions have worked before. The Macdonald Commission (1982–85) laid the groundwork for free trade and modern economic policy. A new commission could once again unite governments, entrepreneurs, and civil society to chart Canada's strategy in an uncertain future, but only if it moves quickly.
Why It Matters
Canada has amazing human capital - talent, ideas, and potential, but we need a national strategy that makes it easier for entrepreneurs to launch, raise capital, scale technologies, and compete globally, which would drive significant economic growth.
See: Canada’s AI Competition Report Faces Big Tech Challenges
A royal commission could align innovation, regulation, trade, and investment around a shared economic vision. Done right, it would empower the next generation of Canadian companies and secure long term prosperity, not by protecting incumbents but by empowering performance.
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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Atkins Pushes for Clear Rules, Less Politics at SEC
Regulation | March 27, 2025
Trump’s SEC Pick Vows to Cut Red Tape and Boost Investment
On March 27 2025, Paul Atkins, President Trump’s pick to lead the U.S. Securities and Exchange Commission (SEC), testified before the Senate Banking Committee as part of his confirmation process. While he hasn’t yet been confirmed, Atkins published prepared remarks for his nominee hearing, explaining how he’d run the agency and what he thinks needs to change. Atkins criticized the current state of U.S. financial regulation, calling it a drag on investment and innovation.
Quote Highlights
Below are some key quotes touching upon hot button themes.
See: SEC Policy Reversals and Crypto Case Dismissals
Atkins makes it clear that he wants to reset the SEC's priorities. His approach would focus on transparency, clear rules and making it easier for companies to raise capital:
“The current regulatory environment for our financial system inhibits investment and too often punishes success. Unclear, overly politicized, complicated, and burdensome regulations are stifling capital formation, while American investors are flooded with disclosures that do the opposite of helping them understand the true risks of an investment.”
He promised to keep politics and fraud out of securities laws and regulations:
“I will strive to protect investors from fraud, to keep politics out of how our securities laws and regulations are applied, and to advance clear rules of the road that encourage investment in our economy to the benefit of all Americans.”
While digital assets were just one part of the hearing, Atkins highlighted the need for a clear regulatory framework for crypto:
See: U.S. Senate Moves to Regulate Stablecoins
“A top priority of my chairmanship will be to work with my fellow Commissioners and Congress to provide a firm regulatory foundation for digital assets through a rational, coherent, and principled approach. Since 2017, as I have led industry efforts to develop best practices for the digital asset industry, I have seen how ambiguous and non-existent regulations for digital assets create uncertainty in the market and inhibit innovation.”
What's Next?
While Atkins has finished his SEC nominee hearing in front of the Senate Banking Committee, he still needs to be officially confirmed. The voting outcome could happen quickly or take longer depending on how much push back he gets, especially around his past work, investments and connections to/with the crypto sector.
For example Senator Elizabeth Warren questioned whether those ties could affect how he regulates the space. Critics worry that he might be too soft on the crypto industry or overlook potential risks to investors. If Atkins is confirmed, it will likely end of the regulate by enforcement era that has plagued the U.S. for years, a positive signal for clearer, upfront rules.
Conclusion
Canadian fintechs, investors, and policymakers should be watching closely, as any changes to SEC policy could have ripple effects across markets, especially for firms operating in both countries and could influence cross-border innovation, investment and policy making.
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’s Crypto Roundtable Reveals Friction, Few Answers
Crypto Roundtable | March 25, 2025
Image: Freepik
SEC's First Crypto Roundtable A Step Forward, But Not Far Enough
On March 21, 2025, the U.S. Securities and Exchange Commission (SEC) held its first public roundtable focused on crypto. Interim SEC Chair, Mark Uyeda, delivered opening remarks, and started by admitting that the law hasn't kept pace with digital asset innovation.
See: SEC Commissioner Peirce Consults on Crypto Regulations
Uyeda pointed out that U.S. courts can’t even agree on how to apply the Howey Test, a legal rule from 1946 that’s often used to decide if something is an investment contract. Some courts say what happens after someone buys a token matters most. Others say what happens before the sale is enough. This kind of confusion makes it hard for the industry to know what rules to follow. While the SEC's hope is that the roundtable was a first step towards more clarity and a better approach towards regulating crypto, some lawmakers felt that the SEC's first crypto roundtable was a missed opportunity.
Old Questions, Few Answers
Bitcoin.com reported that the discussions were fiery. Some panelists said most crypto tokens are clearly securities. Others argued the old rules don’t fit new technologies.
- John Reed Stark, a former SEC enforcement official said he believes people are buying crypto to make money and as a result they are 'investors' not hobbyists collecting things. He also said that he's even received threats for supporting stronger crypto regulations.
- enjamin Schiffrin, a policy expert from Better Markets, added that many broker websites list crypto assets right next to displaying stocks and bonds, and if that’s how it’s being offered to the public then it doesn’t make much sense to treat digital assets differently.
- Teresa Goody Guillen, a lawyer at BakerHostetler, asked whether or not a legal rule from the 1940's (aka Howey Test) was even the right tool for crypto? She said blockchain isn’t just a new product, it’s a whole new way of doing business, and old rules might not fit.
As illustrated by the comments above, not everyone agreed and there's still no consensus on how to classify digital assets.
A Missed Opportunity for Coordination
A former prosecutor and crypto lawyer Renato Mariotti penned an OpEd for CoinDesk, said the roundtable was disappointing. While he agreed it was better than the SEC’s past approach of regulating by enforcement, he felt the discussion focused too much on old arguments instead of evaluating solutions.
See: SEC Confirms Crypto PoW Mining is Not a Security
He was also quick to point out that the Commodity Futures Trading Commission (CFTC), another key regulator for crypto, wasn't involved at all or even mentioned during the session. As such the SEC missed a chance to contribute ideas that will help shape new crypto laws currently being discussed in Congress.
Outlook
Industry just wants clear rules, and in order to develop them, it's important for the SEC and CFTC to cooperate with everyone at the table. Lessons to learn here. The next roundtable will focus on DeFi and stablecoins, where clarity is also badly needed.
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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Ottawa Unleashes Policy Blitz to Support Economy
Economy | March 24, 2025
Image: Freepik/rawpixel.com
5 Policy Updates Announced by the Canadian Government to Support the Economy
Ottawa has made a flurry of policy announcements in response to growing economic pressure and global trade tensions including a reversal on the planned capital gains tax, a snap federal election, and commitment to aligning with Europe on carbon pricing to support trade, all in just a few days.
See: Trade War Hits! Markets Roil, What Fintechs Need to Know
For Canada's fintech sector, these changes will impact investment, regulation, taxation and international trade and growth. Below are five announcements made since March 20, 2025, and what they mean for fintech:
1. Capital Gains Tax Hike Cancelled
Prime Minister Mark Carney has cancelled the previously proposed increase to the capital gains inclusion rate, which would have raised the taxable portion of gains above $250,000 from 50% to 66.7% (controversial policy). Also, the government will still increase the Lifetime Capital Gains Exemption (LCGE) to $1.25 million from 2025 which means that entrepreneurs can protect (tax-exempt) an additional $233,164 compared to the LCGE in 2024 ($1,016,836).
That's good news for startup founders and investors. It's supportive of innovation because it rewards risk-taking and helps nurture entrepreneurial talent. Investors may be more willing to back early stage ventures if the tax environment remains favourable at exit, encouraging investment in innovative sectors.
2. Snap Federal Election Set for April 28, 2025
Carney has officially called a snap federal election for April 28, saying he needs a new mandate to deal with growing trade tensions with the U.S., a shaky economy, and pressure to stay competitive on climate and carbon policy. The outcome of a federal election can completely change the country's fintech policy agenda from open banking and digital assets to consumer protection and payments modernization. Regulatory clarity will likely be delayed until after the vote.
3. Corporate Tax Deferrals for Tariff Impacted Businesses & Eased Access to Employment Insurance (EI)
Ottawa will tariff impacted businesses delay their corporate tax payments from April 2 to June 30. This support is primarily targeted at companies that export physical goods that are directly affected by new U.S. tariffs. However, fintech companies with U.S. clients or disrupted revenue may also be considered on a case-by-case basis. If your business has been impacted by the trade situation, it’s a good idea to start gathering records now. More details on who qualifies will be released soon by Finance Canada.
See: Carney Shakes Up Leadership and Vows to Protect Canada
In the same release it was also announced that changes are being made to make it easier for workers laid off due to the trade conflict with the U.S. to access employment insurance. Note, fintech platforms offering tools in job search, benefits/support navigation, short term lending, gig economy income smoothing may also see an increased demand due to the potential impact of job losses.
4. Plan to Eliminate Interprovincial Trade Barriers
Prime Minister Carney announced that Canada will table legislation by July 1, 2025 to remove internal trade barriers between provinces to build a stronger and fairer economy. He plans to eliminate all federal barriers to interprovincial trade and labour mobility, and to remove all federal exemptions under the Canada Free Trade Agreement. He met with the premiers to share his plan of building a stronger Canadian economy including items such as mutual recognition of rules, harmonizing licensing, and standardization of goods and services across provinces. Standardized rules across provinces will reduce costs for businesses and consumers, strengthen domestic supply chains, boost productivity (fewer compliance headaches), and unlock new opportunities for Canadian firms.
5. Trade Diversification + Carbon Border Adjustment Commitment
Last week, Prime Minister Carney visited the U.K. and Europe to stress the importance of Canada strengthening trade ties with reliable partners beyond the U.S.. As part of Canada’s plan to diversify trade, the PM saidthat the EU is moving ahead with its carbon border taxes called Carbon Border Adjustment Mechanism (CABM), so Canada would benefit to keep its industrial carbon pricing system to avoid new tariffs on exports to Europe. This sounds reasonable but there's a trade-off. Since the U.S. won't have the same carbon rules, the higher carbon costs in Canada could make our goods less competitive to our biggest export market - the U.S. Per reporting on the Hub, Carney put it bluntly: “Guess what one of the requirements is to diversify trade with the EU? A form of carbon pricing.”
See: The Crisis Canada and Fintech Can’t Afford to Waste
If The impact on fintechs may be twofold. Clean fintechs involved with ESG, carbon credit tracking/management, sustainability analytics etc stand to benefit but legacy exporters, and fintechs serving them, may feel the cost squeeze of stricter environmental standards.
Closing Outlook
These announcements highlight Canada's evolving federal economy strategy. Ottawa is recalibrating its tax approach, trade perspectives, and domestic relief tools in response to Trump's tariff war and global volatility. Fintech leaders should actively track these changes and be ready to adapt as more policies roll out after the election.
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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