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
Industry Thinks Feds Are Trying to Kill Crypto, White House Denies It
Intelligencer | | May 1 2023
Image: Unsplash/Ricardo Arce
Are the Feds Trying to Kill Crypto?
- Protego Trust, founded by a lawyer turned venture capitalist, was betting big that it could be the squeaky-clean, bona fide bank that crypto needed to win Wall Street’s business. It had spent $80 million pursuing a coveted approval for a national trust charter, winning conditional approval in 2021. It then raised more than $100 million — at a reported $2 billion valuation — from big crypto companies, including Coinbase.
- “We courted regulation. We did everything that was required in order to build a pristine financial institution to serve the most discerning institutional clients,” says Protego founder Greg Gilman. But when Protego told the OCC in February that it had completed all of the agency’s requirements for full approval, its application was denied on a technicality — one that the OCC had never mentioned before, according to a person familiar with the situation.
- It has led to an almost universal conviction that financial regulators are purposefully trying to put them out of business — not by barring them explicitly but rather through the recent appearance of a web of policies, both written and unwritten, that together make it unfeasible or impossible for crypto firms to operate in the U.S.
- Critics tend to see as neither legitimate nor productive — are now calling what’s happening to crypto “Operation Choke Point 2.0.” Indeed, the Gensler-led crackdown over the past six months has, according to many in the sector, pushed things to a crisis point, forcing a desperate decision: Fight against the federal government or flee the country.
See: 16z: 2023 State of Crypto (and Index)
Sheila Warren, CEO of the Crypto Council for Innovation:
I think all the conspiracy theorists are definitely onto something. There is enough circumstantial evidence to say, ‘Oh yeah, that’s a real thing.
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Decrypt | André Beganski | Mar 2, 2023
The Democratic presidential candidate endorsed the view that recent turmoil in the U.S. banking sector was fallout from a "war on crypto."
- Democratic presidential candidate Robert F. Kennedy Jr. has criticized the perceived "war on crypto" waged by the FDIC and SEC, claiming they lack authority to do so. Kennedy opposes a U.S. central bank digital currency and argues that this war on crypto negatively impacts major banks.
- Referencing an article written by Ellen Brown titled “How the War on Crypto Triggered a Banking Crisis,” Kennedy said Brown makes a “strong case” that a government-led campaign against the digital assets industry led to several historic bank failures in March, specifically Silicon Valley Bank, Signature Bank, and Silvergate Bank.
- Whether or not there’s a concerted effort to uproot crypto from the U.S. financial system is a contentious topic.
FFCON23 Video: Strategies for Canadian Fintech Companies Amidst Regulatory Crackdowns
- The Federal Reserve issued clarity days after Kennedy’s anti-CBDC remarks, saying the launch of its FedNow payments system is neither a digital currency nor a replacement for cash, which Kennedy appeared to conflate with a CBDC.
- While certain Democrats like Elizabeth Warren have slammed crypto numerous times and made criticism of the industry a key pillar of their political platform
Ellen Brown makes a strong case the FDIC/SEC war on crypto caused failures of SVB, Signature, and Silvergate banks. FDIC and SEC have no authority to wage an extra-legal war on crypto that leaves major banks as collateral damage. #Kennedy24https://t.co/HMZuW7Rr1H
— Robert F. Kennedy Jr (@RobertKennedyJr) May 2, 2023
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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, 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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[Global DMI Symposium, London, May 10-11]: Central Banks and Digital Currencies
OMFIF Digital Monetary Institute | May 1, 2023
On 10-11 May 2023 (attend physically in London or virtually), the symposium returns to examine the distribution and use cases of both retail and wholesale central bank digital currencies, tokenised assets, deposits and capital markets, cross-border payments and domestic interoperability. Speakers will explore regulatory framework harmonisation, cybersecurity considerations and the future of money in the metaverse.
See: OMFIF / EY Report: Blockchain for Public Finance – Capital Markets and Beyond
This hybrid event will be held in London, convening a global network of key policy-makers, regulators and public and private sector stakeholders. The symposium will include public sessions attended by digital finance experts from across our community, and off-record, high-level roundtables to examine critical questions of technology applications, including cybersecurity and digital IDs. The agenda will enable participants to have their voices heard on important issues and move the industry beyond words into action.
View more information --> here
Download the PDF agenda --> 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, 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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Life Isn’t Linear: Curveballs and Strikeouts
Linkedin Newsletter, Tony Robbins | May 1, 2023
Image: Tony Robbins business card at 13 years old
You never know when the curveball could be the catalyst for achieving the life of your dreams.
For anyone out there stuck on life not going as planned, or fearful of starting out, remember your curveball could actually be your greatest catalyst toward the life of your dreams.
Remember...
Life isn’t linear.
It’s OK to strike out (as long as you pivot!)
And always aim to see yourself not as you are, but who you can become.
See: The Silent Mental Health Crisis: Leadership Burnout
Tony's story outlines three key lessons:
- Life is not linear: Our lives and careers rarely follow a straight path, often taking unexpected twists and turns. We should embrace this unpredictability and adapt to it.
- Striking out doesn't mean losing the game if you can pivot: When faced with setbacks, it's essential to reassess our goals and find new ways to achieve them. For Robbins, this meant shifting from a focus on sports to a career in motivational speaking, using his passion for helping people to drive his new direction.
- See yourself not as you are, but who you can become: It's important to recognize our potential for growth and development, and to surround ourselves with people who see our potential. Robbins' high school speech teacher saw something special in him and encouraged him to participate in a regional competition, ultimately setting him on the path to his current career.
Robbins' message is one of resilience, adaptability, and self-belief. He encourages readers to embrace life's unpredictability and see setbacks as opportunities for growth and transformation, ultimately leading to the realization of our dreams.
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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, 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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Speech by OSFI Superintendent Peter Routledge: Looming risks and long-term resilience
OSFI | Apr 27, 2023
Image: Unsplash/Loic Leray
Speech delivered at Economic Club of Canada on April 27
- Re-asserting OSFI’s will to act: Today I would like to speak with you about how risks facing Canada’s financial system have shifted and heightened the need for OSFI, as a prudential regulator, to act early in response to uncertainty.
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- To signify my underlying intent, I titled my first public speech as Superintendent The Fierce Urgency of Now. In that speech, and in all my subsequent public remarks, I have endeavoured to reach back to OSFI’s origin story and re-affirm our True North, or our
will to act when faced with signals of trouble
, to paraphrase Justice Willard Estey, the head of the Royal Commission that led to OSFI’s creation.
- To signify my underlying intent, I titled my first public speech as Superintendent The Fierce Urgency of Now. In that speech, and in all my subsequent public remarks, I have endeavoured to reach back to OSFI’s origin story and re-affirm our True North, or our
- Signals of trouble: Since I began my service as Superintendent, I have pointed OSFI towards a variety of trouble signals – climate change, the digitalization of financial services, and risks in the housing market to name a few.
See: JPMorgan, Reportedly Seeks to Acquire First Republic Bank
- Housing market risk:
- The housing market faces risks related to increased credit risk and potential economic downturn, which could worsen the vulnerability caused by the level of household indebtedness in Canada. Federally-regulated financial institutions should take proactive measures to manage these risks, including monitoring mortgage asset quality and engaging with industry members on loan plans. The Office of the Superintendent of Financial Institutions (OSFI) has launched a public consultation on Guideline B-20 on Residential Mortgage Underwriting Practices and Procedures and will publish a summary of feedback received from stakeholders. OSFI may also publish an advisory or interim guidance on the next steps to manage these risks.
- Climate change risk:
- Climate change poses a significant threat to human well-being and global economies, necessitating a shift away from greenhouse gas-emitting energy sources and adaptation to the impacts of a warmer climate. As nations respond to climate risks, their actions will have profound implications for Canada's economy and financial system, which will be largely influenced by international efforts rather than its own initiatives. The Office of the Superintendent of Financial Institutions (OSFI) focuses on building resilience to climate risks within Canada's financial system through Guideline B-15: Climate Risk Management, and plans to develop a standardized climate-scenario exercise for financial institutions in 2024.
See: Financial Institutions and Regulators Alike are Showing Growing Interest in Fintech and Regtech Solutions.
- Third party arrangement risk:
- Increased Dependency: Financial services industry's reliance on third-party arrangements elevates the risk to critical services and data security, with potential systemic implications due to dominant technology providers and rising cyber incidents.
- Guideline B-10 Implementation: Introduced to address third-party risk management, it reflects global regulatory trends and covers a broad range of third-party arrangements beyond traditional outsourcing.
- Efforts to improve third-party risk data quality and consistency through initiatives like the 2022-23 pilot program will inform future data aggregation, analysis, reporting processes, and guidelines to better respond to the industry's evolving landscape.
View the full speech --> 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, 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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Signals by Mastercard: Trends to Watch in the Future of Payments
Mastercard Content Exchange | April 28, 2023
Image: Mastercard Signals
Asset tokenization is expanding the range of assets that can be exchanged, including loyalty points, data, digital goods, rights, and new currencies. Tokens enable the exchange of alternative currencies, physical assets, personal data, and ownership rights, allowing fractionalization of expensive items. The tokenization of financial and private market assets could bring liquidity to the investor class, with the market potentially reaching $24 trillion in financial assets alone by 2027. Tokenization has the potential to revolutionize how value is created and exchanged, leading to a broader set of payment options for consumers and opportunities for new business models.
- Tokenization's expansion into a wider range of real-world assets in the next five years will revolutionize our perception of value and payment methods. This transformation will lead to increased payment options for consumers and create opportunities for banks, digital players, and merchants to develop innovative business models to facilitate new value exchanges.
See: Top 10 Trends Reshaping Banking for 2023
Programmable payments are emerging as a solution to the challenges of managing complex payments. APIs, smart contracts, and artificial intelligence enable business logic to be coded into payments, creating new efficiencies and delivering heightened customer experiences. Commercial use cases include supply chain transactions and royalty payments, as well as expanding existing business models like pay-per-use or leasing. However, cyber attacks are a significant threat to programmable payments, and new security capabilities must evolve to bring trust in an automated way. Governments are also exploring programmability in money itself via central bank digital currencies.
- By 2030, programmable payments are expected to shift from specialized applications to a standard practice in the industry. Integration of messaging and additional services like cybersecurity and Know Your Customer verification will enhance payment options with intelligence and contextual relevance. This will result in substantial cost savings in operational processes such as preprocessing, reconciliation, and exception handling, while also delivering faster and improved service to customers in both commercial and consumer transactions.
Next-gen 'ubiquitous' digital wallets will become essential for managing identities and assets. They will consolidate various services and activities, acting as a single point of control. Analysts predict 4.4 billion unique digital wallet users by 2025, with payments from digital wallets accounting for 54% of global e-commerce transactions by 2026. The competition between tech giants, super apps, and global banks for wallet dominance is increasing. Tomorrow's wallets will serve as command centers for daily life, offering seamless experiences and managing everything in one place.
- In the future, super wallets will go beyond storing card and account information and become the central hub for managing all aspects of our daily lives. With intense competition and regulatory scrutiny, no single wallet provider is expected to dominate the market. Banks and digital players in this industry will succeed by offering enhanced functionality and seamless experiences, fulfilling the vision of a comprehensive all-in-one wallet.
See: Progress Stablecoin Legislation or Risk the Financial Future
Connected finance refers to the integration of financial services across various environments, including digital, physical, and virtual spaces. It enables universal access to payments and other financial services through open banking and consumer control of data. Open banking allows third parties to create innovative banking and payment solutions based on customer financial data. The adoption of connected finance is growing rapidly, with the expectation of a $116 billion market size by 2026. It offers frictionless experiences, such as buy-now-pay-later options, insurance at checkout, and AI chatbots for money management. Messaging apps like WhatsApp are also enabling P2P payments, contributing to the expansion of social and conversational commerce. The market for financial services through other applications is projected to double by 2030. Overall, connected finance presents the opportunity for consumers to access financial services anywhere, and it benefits banks and merchants through partnerships and increased options for customers.
- The potential of connected finance is unfolding as digital commerce expands. Instant access to financial services at scale empowers consumers to bank and pay from anywhere, through any channel. Banks can leverage partnerships for wider reach, while merchants can enhance their commerce experiences with more options.
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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, 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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Coinbase Requests U.S. Court to Compel the SEC to Respond to Their 2022 Rulemaking Petition
Coindesk | Nikhilesh De | Apr 25, 2023
Crypto exchange Coinbase (COIN) has asked a federal court to force the U.S. Securities and Exchange Commission (SEC) to respond to its petition filed last year asking for formal rulemaking within the digital assets sector.
- Coinbase filed an Administrative Procedure Act challenge against the SEC on Monday. The exchange asked the Third Circuit Court of Appeals to order the SEC to provide "regulatory clarity" around how existing securities laws might apply to the digital asset sector.
- The filing is a preemptive move by the crypto exchange to argue that the SEC's approach doesn't provide sufficient regulatory guidance for U.S. crypto firms.
See: Coinbase and Kraken Reaffirm Plans to Stay Operational in Canada Amidst Changing Regulatory Landscape
The filing said:
It is widely recognized – including by a sitting SEC Commissioner – that existing SEC registration and disclosure requirements are incompatible with digital assets, which differ fundamentally from the stocks, bonds and investment contracts for which the securities laws were designed and that the SEC traditionally has regulated. The SEC at a minimum must set forth how those inapt and inapposite requirements are to be adapted to digital assets. But the SEC has refused to do even that.
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CNBC | MacKenzie Sigalos | Apr 24, 2023
Longtime BTC bull: ‘Crypto is dead in America'
- Tech investor Chamath Palihapitiya, who said two years ago that bitcoin has replaced gold and predicted the digital currency would climb to $200,000, has a much more cautious view on cryptocurrencies these days. Palihapitiya blamed crypto’s demise largely on regulators, who have gotten much more aggressive in their pursuit of bad actors in the industry.
- In February, the agency proposed rules that would change which crypto firms can custody customer assets. In March, the SEC issued crypto exchange Coinbase a Wells notice — typically one of the final steps before it files charges — warning the company that it identified potential violations of U.S. securities law.
- Coinbase CEO Brian Armstrong told CNBC that his company is preparing for a yearslong court battle with the commission, and is also considering relocating outside the U.S. if it doesn’t get improved regulatory clarity.
See: SEC Wins LBRY Protocol Case: Is Every U.S. Crypto A Security?
House Financial Services Committee Chairman Rep. Patrick McHenry, R-N.C.:
You’re punishing digital asset firms for allegedly not adhering to the law when they don’t know it will apply to them. The SEC’s approach was “driving innovation overseas and endangering American competitiveness.
Gary Gensler, Chair, SEC:
We have a clear regulatory framework built up over 90 years,” he said, adding that the exchanges “are “noncompliant generally, and they need to come into compliance.
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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, 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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Progress Stablecoin Legislation or Risk the Financial Future
Cato Institute | Jack Solowey | Apr 20, 2023
Yesterday, the House Financial Services Committee’s Subcommittee on Digital Assets, Financial Technology, and Inclusion held a hearing on stablecoins (cryptocurrencies pegged to the value of an asset like the dollar).
- The committee deserves recognition for taking the all‐important first step: admitting we have a problem. Witnesses largely agreed on the shortsightedness of U.S. hostility to decentralized financial technology and the need for regulatory clarity, comments from lawmakers indicated that a common‐sense solution on stablecoins, unfortunately, remains far off.
- A bill posted on the committee’s website before the hearing—a draft stablecoin framework that first circulated last fall—needs work if it is to rein in the excessive regulatory discretion that hinders a competitive stablecoin market and undermines American developers and consumers.
- To their credit—Subcommittee Chairman French Hill (R‑AR) and Committee Chairman Patrick McHenry (R‑NC) acknowledged that the bill is but a jumping off point for future revisions—an “infant” in Rep. Hill’s words (and an “ugly baby” in Rep. McHenry’s phrasing from last fall).
See: OpEd: Draft U.S. Bill on Stablecoins Highlight Differences with CBDCs
- How to achieve sensible stablecoin legislation?
- A stablecoin bill will need to embrace competition from new entrants. This can be accomplished by reducing the regulatory discretion that disserves U.S. businesses and users, avoiding overreactions to experimental instruments, and opening the doors to non‐traditional market participants.
- A stablecoin bill should not grant regulators open‐ended leeway to reject the applications of stablecoin issuers. Instead, legislation should focus on objective criteria related to reserve assets and disclosures rather than vague factors like a project’s future benefits, contribution to financial stability writ large, overall convenience, or ability to promote financial inclusion.
- A stablecoin bill should simply address stablecoins’ primary risks and financial risk in business: that fiat asset‐backed projects have the reserves and redemption policies they claim to.
- Lastly, stablecoin legislation should allow flexibility when it comes to the types of businesses issuing stablecoins.
- Not only should non‐bank and state‐chartered entities be allowed to become lawful issuers, but so too should businesses from diverse sectors, including those traditionally outside of finance.
- Preventing companies with other lines of business from issuing stablecoins—or affiliating with those doing so—would risk further constraining financial inclusion and competition.
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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, 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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