One of the biggest challenges for policy people is developing their (our!) policy ears. 
This time of year, the floodgates open to a deluge of best-of lists and end-of-year recaps. But we at a16z have always been more interested in what’s to come. Here are the biggest ideas for Fintech to tackle in 2023:
A court filing Wednesday says cryptocurrency executive, Ryan Salame, blew the whistle on disgraced FTX founder Sam Bankman-Fried.
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
Developing Our Policy Ears in 2023
Regs to Riches | | Dec 26, 2022
One of the biggest challenges for policy people is developing their (our!) policy ears.
- A crucial part of our work is reliant on our ability to listen to the pain points and frustrations that people are experiencing and map them back onto regulatory realities; re-articulating the problem in an appropriate policy context. But no one ever really tells you that, because we like to pretend that intellectual work is literal when it’s often figurative. I think that the sources that policy prioritisation seems to have become dependent on are seriously impeding that ability.
- Let’s face it: everyday people just do not use the wonky terms that we revel in.
- Over the past two years, as I have championed the merits of competition reform, I have become convinced that people talk about competition policy ALL the time - they just never use those words.
See: ISED Launches Competition Act Review: Consultation on the Future of Competition Policy in Canada
- More bubble bursting: on top of that, most people see government(s) as “the government,” and could care less about the organisational divisions we relate to across orders of government and ministries. They see problems and want a solution, while we wring our hands over “who” should lead the file.
- It’s probably even thornier from a small business perspective, where entrepreneurs are saddled with the imperative of taking their personal case studies and abstracting those to a specific policy change, which is no mean feat.
- An additional force acting out against individual firms articulating their needs is the fear of speaking out that is common in concentrating industries or simply anywhere that a significant power balance exists. This “FOSO” was well-covered in the AELP report, “The Other Red Tape,” and no, there is not a Canadian version of this report because Canada.
See: Monopoly-Friendly Canada ‘Does Not Treat Competition Policy Seriously’
- Alternative approach: Maybe we need to get over ourselves a little bit, and lean in a little more to the all-of-government approach we see proceeding with some success in the US as it relates to competition.
- That isn’t to suggest that the art of policymaking becomes a total free-for-all, but perhaps more of an invitation model could help us move farther, faster on key items. Policy teams need the freedom to lead while inviting support from relevant ministries and peers.
- Tilting towards more of a ‘champions’ model would allow us to more closely mimic the policy experimentation that we expect to see in our federated model.
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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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a16z: Big Fintech Ideas to Tackle in 2023
a16z | Dec 20, 2022
This time of year, the floodgates open to a deluge of best-of lists and end-of-year recaps. But we at a16z have always been more interested in what’s to come. Here are the biggest ideas for Fintech to tackle in 2023:
- Compliance as a Competitive Advantage: Post-Dodd-Frank, financial services companies face more than 50k regulations across dozens of federal and state agencies (and that’s just in the United States).
- The existing and very manual compliance and risk processes are failing at both large financial institutions and at fintech startups supported by sponsor banks. While compliance is complex for businesses operating in just one geography, it’s even more difficult to manage across multiple countries. As more global companies embed fintech, the need for global compliance and risk infrastructure increases.
- "We expect to see more tools for sponsor banks to manage third parties; for fintech companies and companies embedding financial services to manage all aspects of risk and compliance; and more compliance infrastructure serving default global companies."
See: Crypto 2022 Year in Review
- Money saving and financial health tools: With the backdrop of a challenging macro environment, a renewed focus on cash management, equity efficiency, and preserving capital markets relationships will spawn both the adoption and proliferation of a host of new tools and services to help companies better manage their financial health.
- AI/GPT to unlock credit counseling: it unlocks labor supply at 10x a lower cost than humans.
- "We expect to see this capability — and services like it — become available for subprime and early-credit consumers in particular. In that simple financial coaching could dramatically improve many consumers’ credit files, this technology could act as a counterweight to some of the negative macroeconomic factors currently affecting consumer credit, such as inflation, job loss, and depleted savings accounts."
- B2B banking infrastructure: As every company becomes a fintech company, we have seen an explosion of fintech infrastructure companies: KYC/AML, data APIs, bank accounts as a service, issuer/processors, etc. Thanks to these companies, it is much easier to launch a new fintech company, and for software companies to embed fintech.
See: What’s Awaiting Carbon Capture in 2023?
- Fintechs becoming banks: In 2023, we expect more digitally native lenders to pursue bank charters. In the current higher interest rate environment, marketplace lenders are offering high-yield accounts to collect deposits on behalf of their capital partners who in turn buy their loans. This strategy may be a first step toward building their own capital base. As these digital lenders look to become banks, what remains to be seen is how regulators will respond.
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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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The Story of Ukrainian Startup Resilience: MADE WITH BRAVERY
Youtube | Dan Herman | Dec 20, 2022
Dan Herman, Co-founder of MyJupiter Inc., former Head of Strategy of Innovation Canada, and member of Startup Genome's Global Innovation Policy Forum:
"In late September I travelled to Ukraine on the invitation of the Ukrainian Startup Fund to film a short documentary on the country’s startup ecosystem and how founders, investors and policymakers have helped this ecosystem survive and adapt throughout the war. Their stories point to the immense potential that Ukraine’s startup economy has to help the country rebuild after the war, and in so doing, highlight why Canadian investors, companies and policymakers should be at the front of the line to help."
See: Ways you can help support Ukraine
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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Open Banking Interview with Canadian Lead Abraham Tachjian
The Paypers | Vlad Macovei | Dec 13, 2022
Image: Unsplash/David Dvořáček
In March 2022, the government appointed Abraham Tachjian to lead the development of an Open Banking framework in Canada. His mandate is to consult with the industry, regulators, and consumer representatives. The objective of these consultations is to design and implement the key elements of an Open Banking framework.
Could you please share details about your experience related to Open Banking in Canada and the key responsibilities and mission as the Open Banking Lead?
Earlier this year, Minister Boissonnault began implementing the recommendations from the Advisory Committee on Open Banking (the Committee) through the initial step to name me as the Open Banking Lead. To that end, the Secretariat (Department of Finance officials) and I have been focused on delivering on the recommendations by the Committee on Open Banking, firstly by creating working groups to address the key pillars of an Open Banking system. These working groups focus on accreditation, liability, privacy, and security requirements. They meet frequently and include representatives from industry, consumer groups, and government regulators. The composition of these groups is intended to allow our work to progress efficiently, and we have nevertheless achieved comprehensive industry involvement and commitment. We also regularly engage with stakeholders more broadly to benefit from perspectives across the ecosystem. For those interested in following our progress or submitting input, I encourage you to visit the discussion guides and meeting outcomes which are publicly available on our Open Banking implementation page.
See: NCFA Open Banking Future Outlook with Senator Colin Deacon and Mahi Sall
In parallel, with the support of the Open Banking Secretariat at the Department of Finance Canada, work is being done in the areas of system governance and technical standards.
Who is responsible for consumer education? (Government, banks, fintech?)
In Canada, consumer education is a shared responsibility between federal, provincial, and territorial regulators, as well as entities that sell financial products and services. As part of its mandate, the Financial Consumer Agency of Canada (FCAC) provides unbiased and fact-based information on different subjects, including Open Banking, to help Canadians make informed financial decisions. In its submission to the Committee, FCAC recommended a national awareness and education campaign to better educate Canadians on Open Banking.
What are the key developments, policies, practices, and procedures in data ownership, consumer data, data sharing, and privacy rights?
In June 2022, the Government of Canada introduced Bill C-27, an Act to enact the Consumer Privacy Protection Act, the Personal Information and Data Protection Tribunal Act, and the Artificial Intelligence and Data Act and to make consequential and related amendments to other Acts, which is currently making its way through Parliament.
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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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Goldman Sachs Report: Future of Digital Assets and Crypto Winter’s Discontent
Goldman Sachs | Dec 13, 2022
In the wake of FTX's rapid demise, crash of Terra's Luna stablecoin and the failure of Celsius crypto lending platform, questions about regulatory oversight of digital assets, where the ecosystem goes from here, and potential spillover risks to the financial system and the real economy are Top of Mind.
See: Canadian Securities Regulators: Crypto Trading Platform Enforcement Coming
For answers, we turn to former SEC Chairman Jay Clayton, former CFTC Chairman Timothy Massad, One River’s Marcel Kasumovich, Yale’s Gary Gorton, and GS traders, strategists, and economists.
Download the 25 page PDF report --> 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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Co-Founder FTX Ryan Salame Blew the Whistle
A court filing Wednesday says cryptocurrency executive, Ryan Salame, blew the whistle on disgraced FTX founder Sam Bankman-Fried.
- Salame, who was co-CEO of FTX Digital Markets, an affiliated company, informed Bahamian securities regulators in the days before FTX collapsed that Bankman-Fried may have funneled customers’ investments to his hedge fund, Alameda Research, setting the stage for the 30-year-old’s downfall.
- The London-based Financial Times first reported the news Wednesday evening about Salame, citing court documents.
- The filing is the first indication to emerge during the bankruptcy process, and in the wake of Bankman-Fried’s arrest, of the role that Salame was playing within the company. It appears to be that of a whistleblower seeking to alert authorities to perceived wrongdoing.
- On Nov. 9, the Financial Times reported, Salame alerted the executive director of the Securities Commission of the Bahamas of the transfers to Alameda.
See: SBF Arrested in Bahamas
- “Mr. Salame further advised the Commission that there were only three (3) persons who had the necessary codes (or passwords) to transfer clients’ assets to Alameda in this manner,” she wrote. She said that included Bankman-Fried and two others. The list did not include Salame himself, according to Rolle’s email.
- The other two FTX executive named have not been charged with crimes.
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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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Final Legal Submission Concluded After 2 Years: Ripple vs SEC
CryptoPotato | Chayanika Deka | Dec 5, 2022
Image: CryptoPotato
The long-running legal spat between Ripple and the SEC and Ripple is drawing close after two years.
- Stuart Alderoty, General Counsel of Ripple, confirmed the company’s “final submission,” urging the court to grant judgment in its favor and said that Ripple is proud of the defense it has mounted on behalf of the entire digital asset industry.
- According to the court document, the San Francisco-based blockchain company asserted that the United States Securities and Exchange Commission (SEC) has failed to prove the existence of any investment contracts governing the defendants’ offers and sales of XRP between the period 2013 and 2020.
- Ripple also said that both its founders are entitled to summary judgment on their decision to sell on foreign exchanges and added that the SEC could not provide any material fact to the contrary.
See: Legal experts say “This Is It” moment for XRP in Ripple lawsuit,
Brad Garlinghouse CEO XRP took to Twitter to congratulate the team:
“I said it on day 1, we will aggressively fight to get clear rules for the entire industry in the U.S. Congrats to all of Team Ripple for getting us to this point. Ripple stood strong and withstood the SEC’s onslaught. I look forward to being on the right side of justice.”
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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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