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
Dive into the Future with Ninepoint’s ‘Web3 Explained’ Series
Web3 | Nov 9, 2023
Are you ready to embark on a journey through the intricate and fascinating world of Web3?
Ninepoint Partners has just the ticket for you with their freshly launched Web3 Explained series, now available on YouTube, X, and LinkedIn. This 12-episode educational treasure trove is your gateway to understanding the revolutionary concepts shaping our digital future.
See: Blockchain Coalition Report: The State of Web3 in the U.S. – State by State Analysis
Hosted by the insightful Alex Tapscott, each episode delves into the key components of Web3, from the complexities of digital assets and the intricacies of decentralized finance (DeFi) to the creative explosion in non-fungible tokens (NFTs) and the boundless possibilities of the Metaverse.
Web3 Explained Video Series
Episode 1: The Internet is Entering a New Era
Episode 2: What is Web3?
Episode 3: What went wrong in Web2?
Episode 4: Four Principles for a Better Web
Episode 5: Tokens: The Native Asset Class of Web3
Episode 6: The Ninepoint Web3 Innovators Fund
Episode 7: Web3 and the Enterprise
Episode 8: Web3 and Financial Services
Episode 9: Entering a New Digital Age
Episode 10: Understanding Web3 in a Historical Context
Episode 11: Giving the Metaverse a ‘Second Life’
Episode 12: Web3 and the ‘Virtual You’
In a world where the digital landscape is constantly evolving, staying informed is a necessity. Here's the Trailer:
Explore the Series Now
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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Discover the Future of Finance with Michael King’s “Fintech Explained”
Book | Nov 9, 2023
The National Crowdfunding & Fintech Association of Canada (NCFA) is thrilled to announce the release of "Fintech Explained," the latest book by esteemed NCFA Advisor Michael R. King.
Published by the University of Toronto Press, this comprehensive guide is an essential read for anyone looking to navigate the complexities of the fintech industry.
About the Book
"Fintech Explained" offers a rigorous yet accessible introduction to the transformative world of financial technology. Spanning 396 pages and featuring 36 black & white figures and 49 tables, the book delves into the customer focus, innovation strategy, business models, and valuation of leading fintechs across various domains, including cryptocurrencies, decentralized finance (DeFi), crowdfunding, online lending, robo-advice, digital wealth management, payments, insurtech, digital banking, and bigtech.
See: Fintech Fridays EP36: Techfins with Michael King, Lansdowne Chair in Finance, Gustavson School of Business at UVic
Michael R. King, an associate professor and Lansdowne Chair in Finance at the University of Victoria, co-founder of Canada’s first fintech research center, the Scotiabank Digital Banking Lab, profiles the successes and failures of over thirty high-profile fintechs. The book combines insights from founders, early-stage investors, financial incumbents, and other stakeholders in this dynamic ecosystem.
Why You Should Read It
"Fintech Explained" is not just a textbook; it's a narrative that captures the entrepreneurial spirit and disruptive innovations shaping financial services. The book is praised by industry leaders and academics alike for its clear descriptions, case studies, and the latest findings from academic research.
Craig Asano, Founder and CEO of NCFA, endorses the book as an "unparalleled guide in an era of rapid change," essential for anyone interested in the future of finance.
"The most impressive feature of Michael King’s Fintech Explained is its breadth of scope. While so many others focus –often exclusively – on digital assets, blockchain technology, dominant players in the cryptocurrency realm, and DeFi, this book goes well beyond. Fintech, we learn, is just as much about robo-advising, online lending and crowdfunding platforms, insurtech, and bigtech financial services. Michael’s analytical strengths shine through as he deconstructs the business models and economic foundations underlying the value propositions in fintech world. And all of it is done in an accessible, everyday language that ensures it is worthy for all eager to build up their fintech bona fides." - Andrew Graham, Co-founder and CEO, Borrowell
See: a16z: Big Fintech Ideas to Tackle in 2023
Grab Your Copy
Available in paperback, hardcover, and eBook formats, "Fintech Explained" is a must-have for students, executives, and professionals eager to understand the fintech revolution. Don't miss out on the opportunity to equip yourself with the knowledge to thrive in the evolving landscape of financial services.
Add "Fintech Explained" to your library today!
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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Spending Bill vs. SEC’s Crypto Grip
Regulation | Nov 9, 2023
Image: Pexels/Crypto Crow
The U.S. House of Representatives has introduced a provision in the spending bill that could curtail the SEC's enforcement capabilities against crypto businesses.
This legislative maneuver aims to restrict the SEC's funding for enforcement actions against crypto businesses, a move that underscores the ongoing tension between regulatory bodies and the evolving crypto sector.
The amendment, spearheaded by Majority Whip Tom Emmer (R-Minn.), a well-known advocate for the crypto industry, targets SEC Chair Gary Gensler's enforcement-centric approach. Emmer's critique of Gensler's tactics as ineffective and overreaching reflects a broader sentiment that policy, not punishment, should guide the evolution of the crypto landscape. The Financial Services and General Government Appropriations Act of 2024, which houses this amendment, received a voice vote approval among more than 100 proposed amendments.
See: SEC Chair Gensler’s Mixed Feedback at Senate Hearing
Emmer's floor statement was unequivocal:
"My amendment prohibits the SEC from using funds for enforcement activities related to digital asset transactions until Congress passes legislation that gives the SEC jurisdiction over this asset class."
He further went onto say:
Under Gensler’s leadership, the SEC has pursued dozens of enforcement actions against the digital asset industry despite never finalizing a single rule or regulation for the industry to follow. Chair Gensler refuses to provide the marketplace with clear criteria for digital assets that he would consider to be a security. How can this industry comply if there are no rules or guidelines to follow?
See: FTX’s Possible Comeback Under Legal Scrutiny by Gensler
These statements not only challenges the SEC's current trajectory but also highlights the legislative body's intent to foster a conducive environment for crypto innovation in the United States.
Bipartisan Support Required
However, the bill's journey is far from over. It requires the Senate's endorsement, where Democrats, who are generally more aligned with Gensler, hold sway. The Senate Banking Committee Chairman Sherrod Brown (D-Ohio) and others have expressed support for Gensler's enforcement actions against crypto firms. The legislative path forward will require bipartisan cooperation to balance the need for consumer and investor protection with the industry's growth.
This legislative development arrives amidst a backdrop of heightened scrutiny and regulatory actions by the SEC, with Gensler affirming the pursuit of as many as 150 actions against crypto firms. The Congress faces a looming budget impasse, with temporary funding set to deplete by November 17, adding to the urgency and complexity of the situation.
See: SEC Drops Charges Against Ripple Execs: Crypto Regulation Shifts
Reshaping Future Policy
The implications of this legislative effort could reshape the balance of power between the crypto industry and regulatory bodies, and set the stage for future policy development in the digital asset space.
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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FTX’s Possible Comeback Under Legal Scrutiny by Gensler
Crypto | Nov 9, 2023
Image: Pexels/Mikhael Mayim
SEC Chair Gary Gensler has indicated a potential pathway for the resurrection of the beleaguered cryptocurrency exchange FTX, albeit under stringent legal compliance.
This news comes in the wake of FTX founder Sam Bankman-Fried's conviction on fraud charges, casting a shadow over the crypto exchange's future.
During DC Fintech Week, Gensler emphasized the importance of adherence to the law for any parties interested in reviving FTX. His remarks, as reported by CNBC, suggest a cautious yet open stance towards the possibility of a rebooted FTX under new leadership. Gensler's comments resonate with the broader regulatory ethos that seeks to instill investor trust through transparency and accountability.
The spotlight falls on Tom Farley, a former president of the New York Stock Exchange and current CEO of Bullish, a digital asset exchange. Farley's name has emerged among a shortlist of bidders vying to purchase what remains of FTX, as per reports. Gensler's advice to Farley and any prospective leaders is clear: "Do it within the law." This directive underscores the need for proper disclosures and a strict separation of exchange operations from customer assets, a line that FTX allegedly crossed under Bankman-Fried's leadership.
See: Gensler’s Remarks at 2023 Securities Enforcement Forum
The SEC's stance is not just a response to past missteps but a forward-looking approach to regulating a domain fraught with complexities. Gensler's assertion that the crypto industry still harbors fraudsters signals a commitment to rigorous enforcement of securities laws, which he deems robust enough to handle the nuances of cryptocurrency.
As the industry reflects on the FTX saga, the SEC's legal battles with other crypto entities like Binance, Coinbase, and Ripple continue to unfold. These cases will likely shape the regulatory landscape and define the operational boundaries for crypto exchanges in the future.
For Canada's burgeoning fintech community, the unfolding events around FTX offer critical insights. They highlight the importance of regulatory compliance and the potential for recovery and innovation even after significant setbacks.
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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OpenAI’s First Developer Day: A New Chapter in AI
AI Innovation | Nov 8, 2023
Image: Unsplash/John Adams
OpenAI's first-ever developer conference unfolded a series of announcements that are not just updates but leaps towards an AI-powered future.
As the business world watched, OpenAI laid out a roadmap that's both ambitious and reassuring for developers, enterprises, and creators.
Hundred Million Milestone
- ChatGPT has crossed the Rubicon with over 100 million weekly users, making it one of the fastest to reach the 100 million monthly user mark.
- This isn't just about user counts; it's about the over 2 million developers who are weaving ChatGPT into the fabric of digital solutions. It's a testament to the tool's ubiquity and utility in today's tech ecosystem.
See: OpenAI Faces FTC Scrutiny Over Consumer Harm Allegations
Introducing GPT-4 Turbo
- GPT-4 Turbo arrives with a bang, boasting a context window that's four times larger than its predecessor and a knowledge cut-off that's as recent as April 2023.
- With its dual-text and image understanding capabilities, GPT-4 Turbo is not just an incremental update; it's a strategic enhancement that promises to supercharge AI applications across the board.
- Anticipated pricing to disrupt the market is set to turbocharge adoption as well.
Text to Your Personal GPT
- Imagine crafting your own GPT without a single line of code. OpenAI is making this a reality, allowing users to create custom GPTs for any use case, from leisure to business productivity.
- For businesses, this means bespoke GPTs that align with internal knowledge bases, offering a personalized AI experience that's both powerful and private.
See: Balancing AI Innovation and Intellectual Property Rights: Key Insights from the U.S. Senate Subcommittee Hearing
Assistants API
- The new Assistants API is here, enabling the creation of AI agents that can pull in external knowledge or execute programming functions.
- From coding assistants to AI vacation planners, the potential use cases are as limitless as the imagination of the developers who wield it.
The Artist's AI Palette - DALL-E 3 API
- The DALL-E 3 API is now up for grabs, complete with moderation tools and a variety of output formats.
- This is a canvas for the digital age, where text prompts transform into visual masterpieces, opening up new avenues for content creation.
Audio API
- Six preset voices are just the beginning with the new text-to-speech API.
- This is about giving a voice to AI that's as diverse as the human experience, paving the way for more natural and engaging AI interactions.
See: Will Google’s Gemini Kill ChatGPT-4? A Comparative Lens
Copyright Shield Promise
- OpenAI's Copyright Shield is a commitment to protect businesses from the legal entanglements of copyright claims.
- With legal fee coverage for users of OpenAI's developer platform and ChatGPT Enterprise, this is a shield that encourages innovation without the shadow of infringement concerns.
Coming Soon...
- A GPT Store or a marketplace for AI creations is on the horizon, where verified builders will showcase their AI bots.
- With plans to reward popular GPTs, OpenAI is nurturing an economy where creativity meets AI. This isn't just a store; it's a potential revenue stream for creators.
See: What Startup Rules Did Sam Altman Break During OpenAI’s Path to Its $30B Valuation?
The Bottom Line
OpenAI's developer event wasn't just about the announcements. It was a statement of direction, a commitment to support, and a vision of an AI-integrated future. The stage for a new era of AI. For businesses, developers, and creators, the message is clear: the future is not just coming; it's here.
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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CFPB Eyes Digital Payment Regulation for Big Tech
Regulation | Nov 8, 2023
Image: Unsplash/Rami Al zayat
The Consumer Financial Protection Bureau (CFPB) is making headlines with its latest initiative to expand its regulatory purview over big tech and fintech services.
The agency has made clear its intention to supervise larger nonbank companies, such as PayPal, that offer services akin to digital wallets and payment apps. This move is poised to bring a new level of regulatory scrutiny to tech giants like Google, Apple, and Amazon, which have been increasingly active in the financial services sector.
The CFPB's proposed rule would mandate that nonbank financial companies handling more than five million transactions annually adhere to the same rules as large banks and other financial institutions under its supervision. This proposal is part of a broader effort to ensure that all players in the financial services market, regardless of their technological prowess, operate on a level playing field.
See: Tap-to-Pay Transactions and Big Tech Dominance Is A Thorn for CFPB
According to the CFPB, this market would cover activities previously managed by supervised banks. CFPB Director Rohit Chopra emphasized that the proposed rules are designed to "crackdown on one avenue for regulatory arbitrage" by ensuring that large technology firms and other nonbank payments companies are subjected to appropriate oversight.
- The head of the CFPB has expressed concerns that these companies could potentially leverage consumers' transaction data for their own benefit, a risk that the proposed regulations aim to mitigate.
- The CFPB's move is a response to the significant market share gained by payment apps like Apple Pay and PayPal. The traditional boundaries between banking, payments, and commercial activities have become increasingly blurred, prompting the need for updated regulatory approaches.
The CFPB's proposal has sparked a debate on the balance between innovation and regulation. Patrick McHenry, Chairman of the House Financial Services Committee, has criticized the CFPB's attempt to broaden its regulatory empire, arguing that such action could impede the adoption and development of innovative products and services, ultimately harming consumers and small businesses by limiting choice and competition in the payments system.
Rulemaking Series for Larger Participants
The CFPB's proposed rule is part of a series of rulemakings to define larger participants in markets for consumer financial products and services. The specifics of the proposal include:
See: CFPB Warns: Billions of Dollars Stored on Payment Apps May Lack Federal Insurance
- A market definition that includes nonbank covered persons providing funds transfer or wallet functionalities through digital applications for consumers' general use.
- A test to determine whether a nonbank covered person is a larger participant of this market, based on the annual volume of consumer payment transactions and whether the entity is a small business concern according to the Small Business Administration's (SBA) size standard.
- The requirement for larger participants to remain under this classification for two years from the first day of the tax year in which they last met the criteria.
Public Comments Until Jan 8, 2024
The CFPB's proposed rules are open for public comment until January 8, 2024, or 30 days after publication in the Federal Register, whichever is later. This period represents a crucial window for stakeholders in the fintech ecosystem to voice their perspectives and help shape the future of financial regulation.
See: CFPB Unveils Open Banking and Consumer Data Rights Proposal
NCFA Canada is closely monitoring these developments, understanding the critical role that regulation plays in both protecting consumers and fostering a healthy market for fintech innovation.
View the 69 page PDF proposed rule --> here
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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[Cato Event Nov 16, 2023]: Financial AI and the Regulatory Future
Virtual Event | Nov 6, 2023
On November 16, the Cato Institute is hosting an online event titled "Navigating the Future: AI in Finance and Regulatory Implications." Experts will discuss the transformative impact of generative AI on the financial sector, a realm where AI has been an integral technology for years, driving innovation and efficiency from market operations to consumer-centric financial services.
See: Can AI Truly Replace Human Financial Advisors?
2023 has seen a surge in regulatory attention towards AI, with over half a dozen US financial overseers engaging through discussions or regulatory frameworks. The recent Executive Order on AI by the Biden administration is poised to significantly influence financial applications of AI. The regulatory approach to general-purpose AI will not only shape the financial sector's trajectory but will also have broader implications for technological advancement. This online panel will explore the policy ramifications of emerging financial AI technologies.
November 16 from 2:00 - 3:00 PM Eastern
Free Virtual event --> REGISTER HERE | MORE INFO
The discussion will be enriched by insights from a distinguished panel of experts:
- Amy Caiazza, a Partner and Practice Leader specializing in Fintech & Financial Services at Wilson Sonsini Goodrich & Rosati, brings a wealth of knowledge in the intersection of technology and finance.
- Daniel Gorfine, Founder & CEO of Gattaca Horizons LLC, offers a forward-thinking perspective on the integration of innovative technologies in the financial landscape.
See: How AI is Shaping the Future of Financial Services in Canada
- Nathaniel Hoopes, as Vice President and Head of Public Policy & Regulatory Affairs at Upstart, provides a unique vantage point on the interplay between cutting-edge financial services and regulatory policies.
- Jack Solowey, a Policy Analyst at the Center for Monetary and Financial Alternatives, Cato Institute, contributes his analytical expertise on monetary and financial policy issues.
- Jennifer J. Schulp, the Director of Financial Regulation Studies at the Center for Monetary and Financial Alternatives, Cato Institute, brings her extensive experience in financial regulation to the table.
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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