Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
Category Archives: Fintech International
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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GameStop Joins Growing List of Bitcoin Treasury Holders
Bitcoin Reserve | March 26, 2025
Image: Freepik
GameStop Stock Jumps on Bitcoin Reserve Strategy, Shares Surge 15%
Adding bitcoin to your company's treasury is a growing strategy. This time, GameStop is back in the spotlight but not because of Reddit influencers but because of Bitcoin. The video game retailer just announced that the GameStop's board unanimously approved an update to their investment policy to add Bitcoin as a treasury reserve asset. So now there's a green light to use part of its cash or future capital to acquire Bitcoin without setting a cap on how much.
The news sent GameStop shares soaring almost 15% to $29.10 in after hours trading on March 26 2025 and came alongside their fourth quarter earnings which showed a surprising profit despite falling sales with earnings per share at $0.30, crushing analyst expectations of just $0.08.
See: Trump Signs Order for Bitcoin Reserve, Crypto Stockpile
The decision is part of a broader effort to appeal to a new generation of investors and push for a more aggressive company and bolder financial strategy. It's in line with actions taken by other corporations, such as MicroStrategy which have integrated Bitcoin into their financial strategies. The move also follows the recent executive order by President Trump to establish a strategic Bitcoin reserve.
Canadian Companies Embracing Bitcoin
Several Canadian public companies have also adopted Bitcoin as part of their treasury strategies.
Goodfood Market Corp. (TSX: FOOD) In January 2025, Goodfood became one of Canada’s first consumer-facing companies to adopt Bitcoin as part of its treasury. The company made an initial $1 million CAD investment via a spot Bitcoin ETF.
Neptune Digital Assets Corp. (TSXV: DASH) Between January 26 and February 3, 2025, Neptune acquired 20 more BTC for $2 million USD. This brought their total Bitcoin holdings to 376 BTC.
Bitcoin Well Inc. (TSXV: BTCW) In December 2024, Bitcoin Well began a Bitcoin treasury strategy by adding 7.5 BTC and announced plans to raise $2 million through a convertible debenture to expand their holdings.
DeFi Technologies Inc. (NEO: DEFI) In 2024, DeFi Technologies officially made Bitcoin its primary treasury reserve asset and later diversified into Solana and Core DAO staking.
Matador Technologies Inc. (TSXV: MATA) Matador who is focused on tokenizing real world assets (RWA) expanded its Bitcoin treasury in late 2024 by acquiring an additional 3.46 BTC.
LQwD FinTech Corp. (TSXV: LQWD) As of early 2025, LQwD held 136 Bitcoins. Their most recent purchase added 5 BTC to their long-term reserve strategy tied to the Lightning Network.
Kontrol Technologies Corp. (CSE: KNR) In November 2024, Kontrol announced it would begin holding Bitcoin directly as part of a capital preservation plan, starting with a $1 million CAD purchase.
These above companies at the front line of a growing trend among Canadian public firms (there are many private companies, too!) to integrate Bitcoin into their financial strategies, looking to diversify assets and hedge against inflation.
Why It Matters
Bitcoin's interest continues to grow and is starting to be treated as a serious asset by more and more companies who are rethinking how they handle money amidst economic uncertainties and inflation (potential stagflation), and anyone in finance, policy and tech should be watching closely.
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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Global Innovation Regulation 2024 Rankings
Research | March 25, 2025
Image: Global Regulation Index, Innovate UK
Innovate UK Report on 2024 Global Regulation Rankings - Who's Getting It Right?
Last summer, the UK’s national innovation agency, ranked 21 countries on how well their regulators support innovation in sectors like AI, fintech, and health tech. Rather than focusing on the number of innovative policies, competition, or economic growth, the 2024 Global Regulation Index (64 page PDF) looks at how adaptable, collaborative, and forward-thinking each country is when it comes to modern regulation.
How the Rankings Were Built
Countries were scored based on a combination of public data, policy analysis, consultation activity, and expert review. This means the rankings capture both measurable outputs and qualitative factors, such as how willing a government is to try new ideas or adjust outdated rules.
See: UK to Cut Regulatory Red Tape to Boost Tech and Growth
The report scores each country on 37 metrics across five core pillars that reflect how regulators engage with emerging (tech) innovations. In brackets is each pillar's weight to reflect its importance in calculating a country's final score, normalized on a 100 point scale.
- Adaptability (27.5%) – How responsive the regulatory environment is to change
- Clarity & Reliability (20%) – How understandable and stable the rules are
- Collaboration (20%) – How well regulators engage with innovators and stakeholders
- Experimentation (20%) – How often pilot programs or sandbox trials are used
- Entrepreneurship Support (12.5%) – How much the system enables startups to grow
Weighted Contribution Rankings by Country
All 21 countries examined received a total score out of 100, based on weighted contributions from the five categories mentioned above.
See: Innovative Approaches to Smarter Regulation
Here's the full list:
2024 Global Regulation Index – Summary Data Table
| Rank | Country | Overall | Adaptability | Clarity | Collaboration | Experimentation | Entrepreneurship |
|---|---|---|---|---|---|---|---|
| 1 | Singapore | 86.6 | 23.6 | 14.6 | 18.3 | 20.0 | 10.1 |
| 2 | The Netherlands | 83.5 | 20.3 | 15.5 | 18.4 | 19.6 | 9.8 |
| 3 | United Kingdom | 83.0 | 20.0 | 15.2 | 18.9 | 19.3 | 9.6 |
| 4 | Australia | 79.4 | 18.3 | 15.0 | 19.0 | 17.9 | 9.3 |
| 5 | South Korea | 78.8 | 17.9 | 14.3 | 17.7 | 20.0 | 8.9 |
| 6 | Germany | 78.2 | 19.6 | 15.6 | 19.1 | 14.3 | 9.6 |
| 7 | Canada | 77.2 | 17.1 | 15.4 | 15.4 | 20.0 | 9.4 |
| 8 | United States | 76.5 | 19.0 | 14.8 | 13.5 | 19.6 | 9.5 |
| 9 | Austria | 75.1 | 18.6 | 15.5 | 13.2 | 19.3 | 8.5 |
| 10 | United Arab Emirates | 73.1 | 20.9 | 13.8 | 16.5 | 13.6 | 8.4 |
| 11 | Finland | 72.0 | 21.3 | 16.1 | 15.8 | 9.3 | 9.5 |
| 12 | Japan | 69.0 | 16.0 | 13.1 | 16.0 | 14.3 | 9.7 |
| 13 | Switzerland | 68.7 | 14.7 | 16.5 | 15.0 | 15.0 | 7.5 |
| 14 | Norway | 68.3 | 14.7 | 14.1 | 13.9 | 19.3 | 6.4 |
| 15 | France | 67.8 | 18.6 | 15.2 | 11.2 | 14.3 | 8.6 |
| 16 | Sweden | 67.0 | 18.5 | 14.3 | 16.5 | 8.6 | 9.1 |
| 17 | Denmark | 66.6 | 14.9 | 16.2 | 12.7 | 13.2 | 9.6 |
| 18 | Israel | 65.1 | 16.7 | 15.1 | 10.9 | 13.9 | 8.4 |
| 19 | China | 57.3 | 13.0 | 9.3 | 13.1 | 14.6 | 7.3 |
| 20 | Brazil | 54.1 | 10.1 | 12.9 | 12.9 | 10.7 | 7.5 |
| 21 | Mexico | 49.8 | 10.9 | 12.9 | 13.3 | 5.7 | 7.1 |
Ranking Insights
Based on the data and rankings, a country will perform well in this study if they perform highly across the board, from clarity and adaptability to how much they support startups. That's what helps Singapore come out on top. They didn't have the highest score in a single area but they did well on all five, and their consistency makes it the most balanced and reliable regulatory environment for innovation in the study.
South Korea is another good example. It led the rankings in policy clarity and did well in startup support too. With solid scores in adaptability and experimentation, it climbed to second overall. So it's not just about trying new things but about doing them well, consistently, and at scale.
See: Balancing Fintech Innovation and Regulation
The United States had high marks for adaptability and experimentation, which makes sense given its size and diversity of its innovation economy but it scored lower in collaboration and reliability. Likely because it's such a complex regulatory system and federal and state rules often overlap, so it can mean uncertainty and slower timelines for businesses.
Further down the list, sizable economies like France, Germany, and Japan received middle rankings. While their regulations are generally stable and clear they haven't moved as quickly to adapt or test new ideas. A steady approach is predictable but it can hinder innovation when new technologies and/or industries appear.
At the lower end, countries like India, Brazil, and Nigeria scored high in entrepreneurship support (a lot of energy and activity for their startup ecosystems). But they struggled with clarity, coordination, and the ability to keep up with change. The talent and ambition are there but the policy foundation to support it, may be lacking.
Canada Ranks Top in Experimentation But...
Canada’s story is different. It ranked first in the world for regulatory experimentation (actually tied for first rank together with Singapore and South Korea), which means regulators are doing more testing, piloting, and sandboxing than anyone else. That's got to be a positive sign, as it shows willingness to study new approaches whether it's for digital assets, open banking or AI oversight. But experimentation only accounts for a fifth of the overall score and that alone isn't enough.
See: The Crisis Canada and Fintech Can’t Afford to Waste
In other areas like adaptability, clarity, and support for entrepreneurs, Canada lands more in the middle of the global rankings. The real challenge is moving from testing ideas to turning them into clear, national rules that help startups scale and compete. Right now, overlapping rules across provinces and slow implementation timelines are still a barrier for many. So while Canada is active on the front end of innovation, it hasn’t yet turned those efforts into major economic or competitive advantages.
Why This Matters
Good innovation policy isn’t just about making new rules. It’s about building systems that let businesses grow, take risks, and move forward without getting stuck in red tape. Canada's report ranking shows that regulators are starting in the right place by asking questions, running pilots, and listening to industry. But in other countries, those early steps turn into action more quickly. If Canada wants to keep up, it needs to make its rules clearer, reduce overlap between provinces, and move faster to turn pilot programs into policies that business can rely on at scale.
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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Reimagining Creation: AI’s Role in the Next Wave of Design
March 25, 2025
Artificial intelligence is steadily reshaping how we approach creative work. From rapid concept iterations to data-driven personalization, AI is offering designers, architects, and event planners new ways to explore ideas and bring visions to life—all while streamlining traditionally time-consuming processes.
Accelerating Creative Processes
AI image generators such as Midjourney, DALL-E, and CGDream have become valuable tools in a designer’s toolkit. These platforms can convert text prompts into visual assets, providing multiple variations of a concept in minutes. This capability allows creative professionals to:
- Rapidly iterate ideas: Designers can explore different visual styles and compositions without waiting for manual drafts.
- Refine concepts efficiently: By comparing several generated images, creative teams quickly identify the best elements to incorporate into the final design.
Industry giants like Adobe and Canva have integrated AI features into their software suites. Adobe’s incorporation of generative AI into features like the new Remove Distractions tool, and Canva’s Magic Studio, streamline routine tasks. Such enhancements free designers to focus on higher-level creative decisions and maintain their unique artistic voice.
AI in Architecture and Urban Design
The field of architecture is also embracing AI as a powerful partner rather than a replacement. Leading firms are utilizing AI to optimize both the design and planning stages. For example, Zaha Hadid Architects has developed proprietary AI software that significantly reduces the time required for rendering photorealistic visualizations and generating floor plans.
Some architects are now exploring innovative approaches like using an ai design generator from image to quickly produce conceptual sketches and alternative design options during early brainstorming sessions. This emerging practice not only enriches the creative process but also provides clients with a broader spectrum of ideas to consider.
AI tools assist architects by:
- Enhancing visualizations: Quickly producing detailed, photorealistic renderings that help clients visualize proposals.
- Exploring design variations: Generative design platforms enable architects to experiment with materials, spatial configurations, and lighting with minimal manual intervention.
Architects are beginning to blend classical aesthetics with modern techniques—what some describe as a “neoclassical futurist” style. By integrating AI into early-stage design, architects can offer clients a range of stylistic alternatives and involve them in the creative process more dynamically.
Transforming Event Marketing and Experiential Design
Events have always been about creating memorable experiences, and AI is finding its way into this space too. From personalized event recommendations to real-time analytics, AI-powered tools are enhancing the attendee journey.
Key applications include:
- Personalization and networking: AI-driven chatbots and matchmaking algorithms help guide attendees to sessions and networking opportunities that align with their interests.
- Optimized planning: AI can analyze historical event data and current trends to suggest optimal scheduling, venue layouts, and content strategies.
See: Join NCFA at Consensus 2025 Toronto | May 14-16
Platforms like Cvent, Eventbase, and Bizzabo regularly feature insights on how AI is improving event efficiency, while reports and webinars continue to emphasize the value of data-driven decision-making in shaping attendee experiences.
Balancing Efficiency and Authenticity in Visual Design
In the realm of visual and graphic design, the integration of AI is a double-edged sword. On one hand, it offers efficiency and the ability to quickly generate creative assets. On the other, there is concern over maintaining the human touch that sets truly memorable designs apart.
For instance, while Canva’s recent advancements have expanded its reach among nonprofessionals and enterprise clients alike, discussions continue among creatives about the importance of preserving authenticity. Many argue that:
- AI should augment, not replace: Using AI to handle repetitive tasks—such as background removal or image resizing—can provide more time for creative exploration.
- Human judgment remains vital: Designers are encouraged to blend AI-generated outputs with personal expertise, ensuring that final designs retain a unique character.
Looking Ahead
Despite the many benefits, the widespread adoption of AI in design raises important questions about intellectual property, environmental impact, and ethical use. AI systems require significant computational power, and the energy consumption of data centers is an ongoing concern. Moreover, as AI tools learn from vast datasets, issues of copyright infringement and algorithmic bias remain topics of active debate.
Design professionals are responding by emphasizing transparency and ethical guidelines in AI usage. Many believe that open discussions about these challenges will help pave the way for responsible innovation—a future where AI and human creativity coexist in a balanced manner.
See: Balancing AI Automation and Ethics in Fintech
In summary, AI is not a replacement for human creativity but a tool that can enhance the design process across industries. By speeding up iterations, enabling data-driven personalization, and providing fresh avenues for exploration in architecture, events, and graphic design, AI is quietly reshaping how we conceive and create. As we navigate this evolving landscape, striking a balance between technological efficiency and authentic human expression will be key to unlocking the full potential of the next wave of design.
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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U.S. Deregulates Ownership Rules, Frees Tornado Cash
De-regulation | March 24, 2025
Image: Freepik/wirestock
U.S. Rolls Back Corporate Transparency Rules & Lifts Restrictions on Tornado Cash
On Friday March 21 2025, the Trump administration made two announcements related to the relaxation of financial oversight and corporate transparency requirements. First, the U.S. Treasury removed economic sanctions placed on Tornado Cash originally applied by the previous administration, a popular crypto mixing tool used by money launderers and accused of helping North Korean hackers hide stolen funds. Then secondly, in a separate Interim Final Rule (36 page PDF) issued by the Financial Crimes Enforcement Network (FinCEN), suspending beneficial ownership reporting requirements for most U.S. registered companies and U.S. citizens.
Tornado Cash Sanctions Lifted
Tornado Cash was placed on the U.S. sanctions list in 2022 after allegations it facilitated more than $7 billion in illicit transactions, including over $455 million connected to the Lazarus Group. The protocol operates autonomously on the Ethereum blockchain and is not controlled by any entity. Legal challenges last November, including a key court ruling in 2024, argued that the Treasury had exceeded it's authority in sanctioning open-source software.
In response, the Treasury officially removed Tornado Cash from its sanctions list, acknowledging the legal and technical landscape in the case but emphasized it would continue to monitor national security risks involving crypto. Open source advocates welcomed the decision while lawmakers and cybersecurity experts warned that the move may open the door to continued misuse of the crypto mixing tool by bad actors.
Corporate Transparency Act Enforcement Suspended
Additionally, the U.S. Treasury’s FinCEN divison rolled back key parts of the Corporate Transparency Act that was passed in 2021 to prevent criminals from hiding behind anonymous shell companies. The original law required most U.S. companies to report who really owns them, and about 32 million businesses were expected to comply but now most U.S. firms and citizens no longer have to report ownership. Only some foreign companies still need to file, and they don't have to name U.S. owners.
See: Memecoins, Regulation, and the SEC’s Changing Strategy
The Treasury says the change will reduce costs for small businesses and is part of a broader push to deregulate. Critics warn that it will weaken efforts to fight money laundering and financial crime because without data, investigations will have a harder time tracking illegal activity hidden behind complex company setups.
Implications and Outlook
These changes are being framed as pro-business and innovation-friendly but one questions how the U.S. will continue to meet international expectations around transparency, financial integrity and compliance? For Canadian fintechs, investors and regulators with cross-border interests, due diligence processes will need to adjust in the absence of ownership data from U.S. firms. In the same vein, regulatory checks and balances towards privacy tools in crypto markets could affect risk assessments, partnerships and compliance frameworks.
See: Overcoming Barriers to Growth in Financial Regulation
As most jurisdictions move to strengthen ownership disclosure and digital asset monitoring, the U.S. is going for a lighter touch (and their policy divergence grows wider). Will these changes support competitiveness or increase exposure to financial abuse? Another policy that Canadian fintechs with cross-border engagements need to follow closely and adjust as required.
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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Kraken Acquires Retail Futures NinjaTrader $1.5B
Crypto M&A | March 21, 2025
Image: Freepik/wirestock
Crypto Continues to Woo Wall Street, Turning Point for Retail Futures Trading
On March 20 2025, Kraken announced that it has entered into an agreement to acquire NinjaTrader for $1.5 billion, a Chicago-based platform know for providing everyday retail traders access to futures markets, the largest crypto and TradFi deal to date.
Why This Deal Is Different
At first glance, it might seem like U.S. retail traders already have access to both crypto and traditional futures—and technically, they do. For instance, platforms like Interactive Brokers let you trade Bitcoin and oil futures listed on the CME but this experience is still rooted in the traditional finance world. You’re using a conventional brokerage interface with separate workflows for spot crypto and regulated futures, and often without native crypto funding or wallet integration. Coinbase offers small-sized crypto futures (limited derivatives), but you can’t use the same account to trade traditional commodities or financial futures. And many crypto-native platforms don’t offer access to regulated futures at all, especially not in the U.S.
See: CFTC to Launch Digital Asset Pilot Under Acting Chair Pham
What Kraken is building through its acquisition of NinjaTrader is a more integrated setup because they are acquiring a registered Futures Commission Merchant (FCM) license from the U.S. Commodity Futures Trading Commission (CFTC), which allows them to combine regulated futures access with crypto native infrastructure, all under a single app, account, and compliance framework. So Kraken becomes a direct gateway to both crypto and traditional derivatives - a 'one stop shop' for trading everything from Bitcoin to corn futures under a fully regulated setup.
Also there's a global market expansion benefit. Kraken already has licenses in the U.K., Europe, and Australia. Now, with NinjaTrader's U.S. footprint, Kraken can roll out a consistent product across multiple jurisdictions which is something very few companies can do in either the crypto or traditional finance world.
Implications for the Market
This acquisition brings two trading world's together that have mostly stayed separate until now: (1) Crypto trading which is 24/7, quick settlement and lots of innovation (but often kept at arms lengths by U.S. regulators); an (2) Traditional futures trading - highly regulated, slower, and not always that easy for retail traders to access.
Kraken is trying to bridge the gap by creating a unified experience with a single login/dash/account that can hold crypto and cash, offering futures/crypto/FX tools and more, all in one place with real-time settlement and potentially better pricing. It will simplify a lot of friction for retail traders and for professionals, it opens up cross-asset strategies that were harder to execute across multiple platforms before.
See: SEC Drops Yuga Labs Investigation and Kraken Case
Arjun Sethi, Kraken co-CEO:
“Traditional markets run on post-WWII, 1950s banking systems, exchanges that close at 4 p.m. ET and settlement delays that take days to resolve. Crypto rails fixed these issues, operating with efficient and real-time infrastructure. But legacy finance and crypto have remained separate ecosystems, until today. This transaction is the first step in our vision of an institutional-grade trading platform where any asset can be traded, anytime,”
Why It Matters
Kraken’s move to buy NinjaTrader is highly strategic and proves that fintech crypto pltforms can evolve beyond niche products and become full service, bridging traditional finance and crypto. Will Canadian crypto trading platforms be allowed to offer a similar one-stop-shop trading experience, and will Canadian regulators support it?
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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