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
Madrid Investment Forum Oct 29: Expanding to Europe?
October 23, 2026 | NCFA Community Opportunities | Spain, Europe, International Expansion, Fintech, Investment
Canadian Companies Exploring European Expansion
On October 29, 2026, the Madrid Investment Forum will bring Canadian founders, business leaders and investors together in Toronto to explore opportunities to establish operations in Spain and expand into European markets.
Organized by the Spanish Chamber of Commerce in Canada in collaboration with the Spain-US Chamber of Commerce and ICEX, with support from DLA Piper, the forum will feature representatives from Invest in Madrid, legal and financial institutions, and Canadian businesses with international experience.
For Canadian fintech and technology companies considering European expansion, the event offers direct access to investment representatives and practical guidance on market entry, regulatory requirements, banking relationships and local partnerships.
Event Details and Registration
Date: Thursday, October 29, 2026
Time: 9:00–11:30 a.m. ET
Location: DLA Piper, 333 Bay Street, Suite 5100, Toronto
Registration: Register for the Madrid Investment Forum
Programme: View the official agenda
Companies considering establishing operations in Spain can also request individual meetings with Invest in Madrid on October 28 or following the October 29 presentations. According to the organizers, confidential support is available at no cost.
What's on the Agenda
The programme runs from 9:00 to 11:30 a.m. and includes investment opportunities, Canada-Spain ties, legal, regulatory, banking and financial considerations and Canadian expansion experience:
- José Luis Echániz Cobas, Trade Commissioner of Spain in Toronto, will provide opening remarks and an institutional overview of Spain.
- Randy Boissonnault, former Canadian Minister and MP and President at Superbia Group, will discuss bilateral relations.
- Diego de Arístegui, Investment Director at Invest in Madrid, will discuss Madrid's investment proposition and strategic opportunities.
- Jamie Mandell and Joseline Rodriguez, DLA Piper Partners, will address corporate and regulatory requirements for businesses entering Spain.
- Barbara Carmona, Chief Representative Officer and Country Head of CaixaBank's representative office in Canada, will discuss financial and banking considerations for establishing operations.
- Scott Bradley, VP of Government Relations at OpenText, will share the company's international business experience.
The morning concludes with networking and business-to-business meetings, giving participants an opportunity to speak directly with investment and professional services representatives.
Canada, Spain and Europe's Expanding Economic Ties
Canada and the EU are also pursuing closer economic ties. Following their September 16 meeting, Prime Minister Mark Carney and European Commission President Ursula von der Leyen discussed deeper cooperation in artificial intelligence, digital trade, financial services and payments. As part of the broader discussions, von der Leyen has also raised the possibility of Canada becoming an associate member of the EU, although what that arrangement would involve remains undefined.
The discussions build on the broader Canada–EU strategic partnership launched in June 2025. Carney is scheduled to host von der Leyen and European Council President António Costa at the Canada–EU Summit in Montréal on October 29–30, coinciding with the Madrid forum in Toronto.
For Canadian fintech companies, closer economic alignment adds another dimension to international expansion planning. But political commitments don't automatically translate into market access. Licensing, regulatory compliance, banking relationships and local partnerships still determine how companies can operate and compete. The Madrid forum offers an opportunity to explore those practical considerations directly.
Exploring European Expansion?
For Canadian fintech companies, entering Europe involves more than identifying customers. Licensing, regulatory compliance, banking access, local partnerships and operating costs all influence where and how a business can expand. As Canada and the EU pursue deeper economic and technology cooperation, Canadian businesses have good reason to revisit their international growth strategies. But government alignment alone doesn't establish a viable market. The commercial opportunity still needs to stand on its own.
See: Airwallex Commits $1.135B to UK and EMEA Expansion
Is your company exploring expansion into Spain or Europe? Connect with NCFA to express your interest, or register directly through the event information above to learn more about available opportunities and support.
NCFA is sharing this opportunity as a community partner to help connect interested Canadian founders, executives and investors with the organizers and relevant market contacts.
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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Who Can Issue Stablecoins Under the New US Rules?
October 21, 2026 | NCFA Insight | Regulation And Policy, Digital Assets Blockchain And Tokenization, Competition And Market Structure
Stablecoin Licensing, Reserve Rules and Market Competition
On October 21, 2026, the U.S. Office of the Comptroller of the Currency OCC finalized rules under the GENIUS Act for payment stablecoin issuers under its supervision. The rules take effect January 18, 2027 and cover reserves, redemption, capital, governance, custody and regulatory approval. The United States now has a clearer path for regulated stablecoin issuance, but a licence alone won't make a viable issuer. Companies also need capital, liquid reserves, banking relationships, operating systems and customers.
Existing issuers may have an early advantage. Qualifying firms already issuing stablecoins in the United States can request temporary relief while the OCC reviews their applications. New entrants generally need approval before launching. Federal approval can also reduce the need for separate state issuer licences, giving successful applicants a simpler route to national expansion.
Stablecoin Issuers Need More Than Full Reserves
The GENIUS Act created the federal framework in July 2025. The OCC's final stablecoin rule now spells out how regulated issuers must operate. It covers eligible bank subsidiaries, federally approved nonbank issuers and certain state supervised firms. Foreign issuers follow a separate registration path. Wallets, exchanges, payment companies and custodians don't become stablecoin issuers simply because they handle someone else's coin.
Issuers must hold enough qualifying reserves to cover every stablecoin they have outstanding. At least 5% must stay immediately available, eligible Treasury securities generally can have no more than 93 days remaining maturity, and many exposures to a single counterparty are capped at 40%. That money is there to repay customers, not fund salaries, product development or marketing.
Managing those reserves is now part of the business. Issuers need enough cash and liquid assets to meet redemptions while spreading risk across banks, custodians and investments. Higher yielding assets may generate more income, but the rules limit how far an issuer can stretch for return.
Valid redemptions generally must be processed and payment initiated within two business days. The money may take longer to reach an outside account. If redemption requests exceed 10% of a stablecoin brand's outstanding value within 24 hours, the issuer must notify the OCC and needs approval for more time.
The OCC tightened that rule from its February proposal by removing an automatic seven day extension after the 10% threshold was reached. An issuer facing a rush for cash can't simply slow redemptions until markets calm down. It needs enough liquidity and dependable banking and custody relationships before stress hits.
See: Stablecoins Split Into Issuance And Service Layers
Reserves aren't the only money tied up in the business. Issuers covered by the OCC capital framework generally need at least US$5 million in regulatory capital, with higher amounts possible depending on risk and licensing conditions. They also need a separate backstop equal to 12 months of operating expenses. Up to half of that backstop can come from qualifying subordinated debt instead of equity.
The three pools serve different jobs. Reserves repay customers. Capital absorbs losses. The backstop keeps the company operating during a serious disruption or an orderly wind down. A founder can't use the same dollars freely for all three.
Growth can make those requirements more expensive. More staff, technology and compliance spending can increase the required backstop, while higher risk can lead the OCC to demand more capital. An issuer that remains below its required levels can face limits on new issuance. Continued shortfalls can ultimately force it to liquidate reserves and redeem outstanding coins.
Issuers also need governance, financial controls, custody arrangements, audits and systems that keep outstanding coins, reserve assets and redemptions in sync. They can hire outside custodians and compliance providers, but responsibility stays with the issuer. Bank affiliated issuers may be able to use existing parent company risk systems, giving them an operating advantage over firms building everything from scratch.
The licence also has boundaries. Stablecoin issuers can issue and redeem coins, manage reserves, provide permitted custody services and carry out activities that support those functions. They can charge disclosed purchase or redemption fees, but GENIUS Act approval doesn't give them permission to offer every financial product.
The GENIUS Act says stablecoin issuers can't pay interest or yield simply because someone holds or uses their coin. The OCC's February proposal went further by targeting some payments made through affiliates or other closely connected companies. In the final rule, the OCC dropped that approach after deciding it could catch legitimate business payments and make the line even less clear.
That gives exchanges, wallets and other platforms more room to offer rewards funded through their own businesses, but it doesn't give them a free pass. An issuer still can't pay someone else to pass prohibited yield on to customers, and the OCC can step in if a rewards program is really just issuer interest in another form. Platforms may therefore have more room than issuers to compete for stablecoin customers with rewards. NCFA has tracked that fight in Stablecoin Interest and Rewards A Regulatory Fault Line and Stablecoin Rewards Keep Pressure On US Crypto Bill.
Existing Issuers Have a Head Start Into 2027
The January 18 deadline creates a timing problem for companies already issuing stablecoins. A firm can submit its application and still be waiting for OCC approval when the new rules take effect. If it keeps issuing without the required approval, it can face serious consequences.
The OCC's application and waiver guidance gives some existing issuers a temporary bridge. A company with a substantially complete application pending by January 18 can ask for relief. The OCC says it generally expects to approve that relief for covered issuers already operating in the United States unless there is a strong reason not to.
The waiver isn't automatic and can last no more than 12 months from January 18. New issuers shouldn't expect the same treatment and generally need approval before launching. An insured bank itself can't use this waiver, although an eligible subsidiary may qualify.
That gives established issuers a head start. They may keep serving customers while their applications are reviewed. A startup can be paying staff, lawyers, compliance teams and technology costs before it earns revenue from a single coin.
Applications weren't open when the OCC issued its final rules on October 21. The agency is waiting for Office of Management and Budget approval before it can begin accepting them. Once applications open, the OCC has 30 days to decide whether a filing is substantially complete. After that, the application is deemed approved after 120 days unless the OCC denies it first.
Federal approval can also make national expansion easier. A federally qualified stablecoin issuer generally doesn't need a separate state issuer licence for the same business. State consumer protection and other laws still apply, but the company can avoid building a separate licensing strategy for every state.
See: Are Stablecoins Becoming Payment Infrastructure?
The state route remains open. A state supervised nonbank issuer that grows beyond US$10 billion in outstanding issuance generally has 360 days to move into the federal framework or stop increasing net issuance. It can ask to stay under state supervision, and some established state regimes receive favourable treatment under the rule.
So, the market has more than one route to scale. Some state issuers can keep their existing regulator, while smaller OCC issuers may face less frequent examinations. But size still helps. Audits, treasury operations, technology and supervision are easier to absorb when an issuer already has meaningful volume.
Distribution may be an even bigger barrier than regulation. Existing issuers can already be listed on exchanges, integrated into wallets and accepted by merchants. A new entrant still has to convince the market to use another stablecoin after paying to build the regulated business behind it.
The OCC also published revised weekly and quarterly reporting forms. Proposed first reporting dates are January 25 and March 31, 2027. The forms are still going through approval, so the individual fields aren't final yet.
Those requirements also create opportunities for companies that don't issue stablecoins. Banks can provide settlement accounts, custodians can hold reserves, and technology firms can handle reporting, reconciliation, redemptions and compliance. For some fintech founders, building the infrastructure around stablecoins may be a better use of capital than issuing one themselves.
Canadian Firms Face a Higher US Entry Bar
Canada enacted its Stablecoin Act on March 26, 2026, but its main operating provisions haven't come into force. The framework will put covered nonbank issuers under Bank of Canada oversight through registration, with requirements for reserves, redemption, governance and reporting once implementation is complete.
NCFA's Canadian stablecoin regulations guide examines the enacted framework and the rules still needed before it operates. The Canadian and U.S. systems aren't interchangeable. Canadian registration won't authorize issuance in the United States, and U.S. approval won't replace Canadian requirements.
A Canadian issuer seeking U.S. customers faces additional conditions. Foreign issuers need an eligible home regulatory framework, OCC registration and ongoing U.S. supervision. They must also make required records available in the United States and maintain arrangements that support redemption obligations to U.S. holders.
That makes issuing a U.S. dollar stablecoin in America a significant commitment for a Canadian fintech. The company needs more than a Canadian registration and strong technology. It needs capital, reserve management, U.S. regulatory access, distribution and enough customers to justify the fixed cost of operating the product.
Canadian banks are approach approaching the market differently. In September 2026, TD and Scotiabank joined a 21 institution stablecoin initiative targeting a U.S. dollar product in 2027. The product isn't live, but the participating banks already have capital, compliance teams, payment relationships and institutional customers.
Fintechs don't have to compete by issuing another coin. A Canadian payments company can integrate a regulated stablecoin from an approved issuer. Others can build merchant settlement, wallets, reserve systems, compliance technology or redemption tools. Those businesses can participate in stablecoin growth without carrying the obligation to back and redeem every coin themselves.
Issuance offers more control over economics and distribution, but the OCC rule shows the cost of that control. Infrastructure businesses give some of it up, yet they can focus their capital on a narrower customer problem and potentially sell to several issuers.
The market may therefore split in two. Stablecoin issuance could concentrate among firms with strong balance sheets, banking relationships and distribution, while payments and infrastructure attract a broader group of fintechs. For Canadian founders and investors, choosing which layer to compete in may matter more than simply deciding whether stablecoins will grow.
Talking Point
The GENIUS Act removes much of the uncertainty around regulated stablecoin issuance, but it doesn't make issuance a lightweight fintech business. Existing issuers have a transition route and federal approval can simplify national expansion, while newcomers must finance the business before they build meaningful volume. Will the new rules support a wider group of viable issuers, or will the better opportunity for new entrants be the payments, custody and compliance infrastructure built around them?
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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RemitBee Expands Payments With Adyen and TerraPay
October 20, 2026 | Market Activity | Cross Border Payments And FX, Payments Infrastructure And Money Movement, Competition And Market Structure
Canadian Fintech Expands Card Processing and International Wallet Payouts
On October 20, 2026, Mississauga fintech RemitBee announced a partnership with payment processor Adyen to simplify customer payments and support international expansion. A day earlier, RemitBee announced another partnership with TerraPay to expand overseas payouts, including transfers to digital wallets. Adyen will help RemitBee collect payments, while TerraPay will provide more ways to deliver money abroad. The agreements address two costs that can make international payments difficult to scale, collecting funds and paying recipients.
Founded in 2015, RemitBee serves hundreds of thousands of customers and supports transfers from Canada to more than 150 countries. It also offers RPass, a platform for businesses making international supplier, contractor and employee payments. The company has spent more than a decade building its Canadian customer base and international payment connections. Now it's expanding the services behind those transactions without having to build every payment connection itself.
Adyen Reduces Payment Processing Work
Adyen will initially handle card payment collection in Canada, with additional payment methods planned as the relationship develops. RemitBee already supports debit card funding for international transfers and card payments for certain other services. The new arrangement focuses on how those payments are processed, rather than introducing card funding to the entire business for the first time.
Managing disputes has been costly. In an interview published by Adyen, RemitBee said its previous chargeback process involved too much manual work for the number of cases it handled. Adyen's automated tools and lower dispute fees could reduce that expense. Moving more payments onto one platform should also make reporting and reconciliation easier.
Adyen has direct acquiring and banking capabilities in the United States, United Kingdom and European Union. RemitBee sees those connections as useful for expansion beyond Canada, where adding separate processors and banking relationships would increase costs and complexity. It's an operating decision as much as a technology upgrade. Fewer systems to manage could leave more resources for customers and new products.
That choice also fits Canada's changing payment market. Adyen Canada became a member of Payments Canada in July 2026 as part of a broader expansion of payment system membership. Membership doesn't automatically provide direct access to every payment rail, but it gives newer payment providers a stronger position in Canada's financial infrastructure.
TerraPay Expands International Wallet Payouts
TerraPay gives RemitBee more ways to pay recipients through local banks and digital wallets. Its network connects 3.7 billion digital wallets and 7.5 billion bank accounts across more than 156 countries, with coverage in the United States, Asia, the Middle East and Africa.
For Canadian businesses paying overseas suppliers and contractors, more local payout options could mean fewer payment providers to manage. RemitBee can use TerraPay's network while continuing to handle currency conversion, customer service and compliance.
RemitBee's published consumer pricing offers free e-Transfer, EFT and bill payment funding on transfers of C$500 or more, with separate charges for debit cards. Its stated exchange rate margin generally ranges from 0.3% to 0.8%, depending on the destination. Lower processing and payout costs could improve RemitBee's margins or help it compete on price, but neither partnership has disclosed expected savings.
Can RemitBee Win Business From Banks and Global Rivals?
RemitBee's opportunity extends beyond consumer remittances. Canadian companies paying international suppliers, contractors and employees need competitive exchange rates, reliable delivery and clear payment records. Banks and established providers such as Wise already serve these customers, so adding more payment networks won't be enough to win their business.
See: Visa Canada and RemitBee Speed Up Cross Border Payments
RemitBee has an opening with smaller firms that regularly pay people across several countries. A business might need to pay one supplier through a bank account and another contractor through a mobile wallet, without managing separate providers for each destination. Combining those payment options with currency conversion and business payment records could make RPass more useful to companies with recurring international expenses.
There is still a commercial risk. RemitBee relies on outside processors and payout networks, while competitors can negotiate their own arrangements and compete aggressively on price. Its advantage will depend on retaining customers, keeping transfer costs competitive and earning enough from recurring business payments to support growth.
Talking Point
RemitBee is expanding its international payments business by connecting established processors and payout networks rather than owning them. That keeps the cost of expansion more manageable, but gives the company less direct control over key services. Can RemitBee turn access to global payment networks into a lasting competitive advantage, or will pricing, customer relationships and reliable delivery ultimately determine who wins?
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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Fission Raises $10M for Tokenized Fund Liquidity
October 15, 2026 | Market Activity | Capital Markets Infrastructure And Funding, Digital Assets Blockchain And Tokenization, Wealthtech Investing And Trading
Pantera Capital Backs a New Way to Exit Tokenized Investment Funds
On October 15, 2026, New York fintech Fission announced a US$10 million Series A financing led by Pantera Capital to help investors sell tokenized fund holdings before their normal withdrawal dates. Circle Ventures, Borderless Capital, New Form, gumi Cryptos Capital and GTS CEO Ari Rubenstein also participated. Fission is building a business around buying investments from people who don't want to wait months to get their money back.
The round closed in September and follows a US$1.6 million pre-seed financing in Oct 2024. Fission plans to add more supported funds and increase the capital available for investor purchases. Its valuation and committed buying capacity haven't been disclosed.
How Fission Buys Tokenized Fund Holdings
Private investment funds often limit when investors can withdraw money. Some offer quarterly redemption dates, while others require approval before an investor can sell to someone else. Representing fund shares as digital tokens can make transfers easier, but investors still need an eligible buyer willing to pay for them.
Fission provides that buyer for supported investments. An eligible investor connects a digital wallet and requests a sale. Fission arranges the purchase and handles the required transaction steps. The investor receives cash before the fund's normal withdrawal date, while the buyer takes on the wait and the investment risk. The fund doesn't have to sell its underlying assets to complete that investor's early exit.
Founder and CEO Jonathan Shaffer told Fortune that an exit which might normally take about 200 days could settle through Fission in 90 seconds or less, for a fee. In August, Centrifuge introduced Fission liquidity for four tokenized funds linked to investment strategies from New York Life Investment Management, Apollo and Janus Henderson. The products include high yield corporate bonds, diversified credit, highly rated collateralized loan obligations and short term U.S. Treasuries.
Eligible holders can receive USDC, a stablecoin linked to the U.S. dollar, while the funds continue their usual settlement and withdrawal schedules. Those schedules range from the next business day to quarterly. For investors holding the Apollo diversified credit product, that could mean receiving money through Fission rather than waiting for the next quarterly redemption.
Shaffer described Fission's role in Centrifuge's announcement as providing "an independent liquidity layer" across different investment strategies. The company says it has processed millions of dollars in transactions, but hasn't published an exact total, transaction count or average price paid to investors. The four fund integrations show a working commercial application. They don't establish how much liquidity Fission can provide at scale.
Who Pays for Faster Fund Exits
Getting money out early has a price, and it varies considerably by fund. Research published in September 2026 estimated Fission's fees at 5.70% for Apollo's ACRDX diversified credit fund, 0.34% for New York Life's HYB high yield bond fund and just 0.02% for Janus Henderson's JTRSY Treasury fund. On a $10,000 holding, that means an estimated cost ranging from $570 to $2. These were estimates as of September 17, not fixed or guaranteed prices. The difference reflects the cost and risk of providing cash before the underlying investments settle.
That trade could appeal to an investor facing an unexpected cash need. For someone who can afford to wait until the next redemption date, paying for an earlier exit may make less sense. The service has to offer a price investors will accept while leaving enough return to compensate whoever supplies the cash.
See: Portage Takes Point72 Fintech Portfolio Secondary Deal
There is also risk between the sale and the buyer's eventual exit. A fund's investments could fall in value. Withdrawals could be delayed during difficult markets. Some fund interests may require approval before being transferred. The buyer needs to understand those restrictions and price them correctly before committing capital.
Fund managers have a different concern. An outside buyer can provide liquidity without forcing the fund to sell assets early, which could make the investment more attractive to customers. But repeated sales at steep discounts could undermine confidence in the fund's reported value. Managers will want to know how Fission prices transactions and whether those prices reflect the need for quick cash or problems with the investments themselves.
Fission's growth will also depend on how much capital it can put to work. A fast sale of a small holding is one thing. Handling many large investor exits during a market downturn is a different test.
Can Fission Make Private Funds Easier to Sell
Fission's founders bring experience from institutional investing and digital securities. CEO Jonathan Shaffer previously worked at Point72, while cofounder Steve Bendit worked at Securitize. They know that making an investment easier to buy doesn't necessarily make it easier to sell. Fission's business depends on finding buyers, securing enough capital and offering prices investors will accept.
Existing tokenized fund operations already need to handle ownership records, investor eligibility and transfer restrictions. Fission must work within those rules while financing earlier exits. For Canadian private credit funds and alternative investment platforms, that could help attract investors who are reluctant to lock up their money. Any Canadian offering would still need to comply with securities laws and fund transfer requirements. Fission hasn't confirmed that its service is available in Canada.
Talking Point
Fission's opportunity isn't making private funds digital. It's making them easier to exit. If the company can consistently find buyers, offer fair prices and manage the risk of holding investments until redemption, it could remove an important barrier to private market investing.
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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Which US Stocks Can Be Tokenized and Why?
October 21, 2026 | Insight | Capital Markets Infrastructure And Funding, Digital Assets Blockchain And Tokenization, Wealthtech Investing And Trading
SEC Stock Eligibility, Issuer Objections and the Future of Tokenized Share Trading
On October 20, 2026, the U.S. Securities and Exchange Commission published guidance on tokenized stock trading, clarifying how certain U.S. public shares can trade on blockchain platforms without a company's affirmative approval. The guidance follows the SEC's September 17 Innovation Exemption, which allows limited trading of eligible public stocks through new digital venues. Sixteen companies, including Microsoft, Alphabet and Goldman Sachs, have reportedly objected to having their shares traded on the proposed OKXICE platform.
The exemption doesn't cover every public stock, and companies can block certain trading arrangements. Venues also face limits on which securities they can offer and how much trading they can handle. For investors and market operators, the questions are which stocks qualify, what ownership rights come with the tokens and whether these new platforms can compete with traditional exchanges. The October 20 guidance further explains how the existing exemption works without introducing new regulations.
Which US Stocks Qualify for Tokenized Trading
The SEC allows qualifying venues to trade tokenized National Market System stocks, which generally include eligible shares listed on major U.S. exchanges and certain exchange traded products. The exemption covers qualifying securities tokenized by their issuers and arrangements involving independent third parties. It excludes rights, warrants and tokens that merely track a stock's price without providing the same ownership rights as the underlying security.
The SEC separates eligible stocks into two groups. Tier 1 includes shares in the S&P 500 and Russell 1000, along with certain qualifying exchange traded products. Major companies such as Apple, Microsoft, Alphabet and Nvidia fall within those indexes, although that doesn't automatically make their shares available on a tokenized venue. Tier 2 includes other eligible listed securities outside Tier 1, giving smaller public companies a potential route into these markets.
See: Ondo Gains Wider US Authority for Tokenized Securities
The limits are strict. A qualifying venue can offer up to 75 Tier 1 symbols, with trading in each capped at 0.25% of the stock's average daily share volume during the previous month. Tier 2 allows up to 250 symbols, with a 2.5% volume cap. Related venues must combine their trading activity when calculating these limits.
Consider a Tier 1 stock averaging 10 million shares traded daily. A qualifying venue and its affiliates could trade up to 25,000 tokenized shares per day. A Tier 2 stock with the same volume would have a limit of 250,000 shares. A first breach of a stock's volume limit doesn't automatically require suspension, but subsequent breaches require a three month trading pause for that security.
Investors must receive the same rights and privileges as holders of equivalent conventional shares. That includes applicable dividends and voting rights. The arrangements supporting those rights must be verified, and venues must meet requirements for trading halts, transaction records and technology safeguards. A token offering only synthetic exposure to a share price doesn't qualify under this exemption.
Why Microsoft and Other Companies Are Objecting
OKXICE is one of the first proposed venues testing the SEC's approach. It's a joint venture owned equally by Intercontinental Exchange, parent of the New York Stock Exchange, and OKC USA Holding, part of the OKX group. Its public trading notices describe a platform where approved investors could trade tokenized U.S. stocks against stablecoins using automated liquidity pools instead of a conventional stock exchange order book.
OKXICE plans to use Uniswap v4 technology on the X Layer blockchain to let approved investors trade tokenized stocks through pools of shares and stablecoins. Investors would need to verify their identities and use approved digital wallets. OKXICE says it won't hold customer assets or sell newly issued shares. Publishing its plans doesn't mean the SEC has approved the platform or that trading has started.
OKXICE initially proposed 63 stock symbols from 62 companies. Nine companies had objected by October 15, including Broadcom, Verizon, UnitedHealth, CoreWeave and AppLovin. Reporting on October 19 identified seven more, bringing the total to 16 companies, including Microsoft, Alphabet, Goldman Sachs, Qualcomm, Caterpillar, McDonald's and Western Digital.
One of the 16 objectors, Cerebras Systems, wasn't on the original proposed list. That means 15 of the original 62 companies had objected, leaving 47 without a reported objection at that point. Silence doesn't mean approval. It only means the company hasn't exercised its right to block that particular trading arrangement.
Applied Optoelectronics explained its concerns to The Wall Street Journal. The company questioned whether tokenized trading would benefit shareholders and worried about possible effects on its share price, trading activity and volatility. It also didn't want investors to mistake an independent tokenized offering for one supported by the company.
Under the SEC exemption, companies have 30 calendar days after receiving notice to object. If they object in time, that venue can't offer their tokenized shares under the exemption. The objection doesn't automatically prevent every other form of stock tokenization.
Trading platforms face a separate 30 day requirement. They must publish their operating plans at least 30 calendar days before trading begins. The SEC's October 20 guidance confirms that venues can publish proposed stock lists while companies are still deciding whether to object. They must disclose which decisions remain pending and update their lists as objections arrive or the periods expire.
Andrew Cuomo, co-chair of OKXICE, described the issuer objections as a "natural response". He said the venture expected some companies to wait before participating. Whether that resistance eases will depend partly on how the first venues operate and what benefits they can demonstrate to investors and issuers.
Can Tokenized Stocks Compete With Traditional Exchanges
The potential appeal is clear. Investors could trade familiar U.S. shares outside regular exchange hours, hold them through approved digital wallets and use blockchain systems to complete transactions. But being able to trade at any hour doesn't guarantee liquidity or a competitive price. New venues still need enough investors and market makers to support reliable trading.
OKXICE proposes using automated market makers instead of matching every buyer and seller through a traditional order book. Liquidity providers would supply tokenized shares and stablecoins to trading pools, earning fees while taking market risk. If those pools don't attract enough capital, investors could face wider spreads or prices that differ from the conventional stock market.
Nasdaq has proposed a different model. In September 2025, Nasdaq sought SEC approval for tokenized stock trading within its existing exchange system. Investors could choose traditional or tokenized settlement, with the Depository Trust Company handling the process. The same trading rules, security identifiers and shareholder rights would apply.
Chuck Mack, Nasdaq's Senior Vice President of North American Markets, explained the company's approach.
"Past market failures teach us that it is imperative to ensure governance, resilience, and investor protection are embedded from the outset."
The two companies are taking different approaches. OKXICE plans to build a new blockchain trading platform, while Nasdaq wants to add tokenized stocks to its existing exchange system. Nasdaq's proposal follows a separate regulatory process and predates the October 2026 objections. For investors, the real focus is which approach offers better prices, reliable trading and strong shareholder protections.
Tokenized shares still need to give investors the same ownership rights as regular stocks. That means making sure dividends reach the right people, shareholders can vote and stock splits or mergers are recorded correctly. Investors who control their own digital wallets also need to protect their access keys. Losing them could mean losing access to their investments.
See: GTN Takes xStocks Beyond U.S. Equity Markets
Investor protections can also differ. OKXICE isn't registered as a traditional stock exchange for trading under this exemption, so some rules that apply to established exchanges don't apply in the same way. The SEC exemption is temporary and lasts five years. That gives regulators time to assess how these markets operate before deciding whether to introduce permanent rules.
For Canadian fintech founders, the business opportunities go beyond operating a trading platform. These markets need companies that can protect assets, maintain accurate ownership records, verify compliance and supply trading liquidity. Brokers and transfer agents may also need new technology to connect blockchain transactions with existing securities systems. Demand for those services will depend on whether investors actually use the new markets.
Canada is also looking at how tokenized securities could trade under its own rules. In March 2026, the Canadian Securities Administrators launched Project Tokenization to explore trading, custody and settlement of digital securities. The initiative has since engaged more than 240 organizations, as reviewed in NCFA's capital markets innovation analysis. Unlike the SEC, Canada hasn't introduced a comparable exemption for tokenized public stock trading. For Canadian exchanges and fintech founders, the U.S. experiment offers an early look at which business models work and where existing securities rules may need to adapt.
Talking Point
If tokenized stocks attract buyers and sellers, keep trading costs competitive and preserve shareholder rights, they could become a useful alternative. If not, investors may have little reason to move away from traditional stock markets.
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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Why Investors Still Fall for Charismatic Founders
October 20, 2026 | NCFA Story Intelligence | Capital Markets And Funding, Leadership And Governance, Artificial Intelligence And Data
Theranos, Investor Psychology and the Power of Founder Storytelling
On October 16, 2026, You Can See Everything opened in Canadian theatres. Four days later, the documentary about Elizabeth Holmes is still one of the biggest stories at the North American box office. It opened with about US$15 million from only 855 screens. That's an extraordinary result for a documentary about a founder whose company collapsed years ago and is now serving a federal prison sentence.1
Holmes didn't raise money because investors wanted to lose it. She sold a future that sounded possible, surrounded herself with people whose reputations made belief easier, and built a company whose story moved faster than outsiders could verify the technology. By the time the evidence caught up, investors had committed hundreds of millions of dollars.
What follows is a story of how founder trust becomes part of an investment case and how evidence can lose ground to momentum. The same human problem returns whenever investors finance an uncertain future.
The idea is bigger than the product. Theranos tells investors that its technology can run a broad range of tests from tiny amounts of blood. The company is private, the technology is closely guarded and outsiders have limited access to what happens inside the machines. That secrecy can sound like competitive protection when the founder is believed.
Conviction becomes part of the product. Holmes presents Theranos as a mission driven company that can transform healthcare. Investors hear a founder who appears certain about the future and willing to devote herself to it. That confidence is valuable in a startup because the product, market and operating model are all unfinished. It also makes the founder unusually important to the investment case.
The board looks formidable. Fortune described Theranos in 2014 as having one of the most illustrious boards in American business. George Shultz, Henry Kissinger, William Perry, Sam Nunn, James Mattis and other prominent figures gave Holmes access to experience, networks and public credibility that most young founders could never assemble.4
The board can't substitute for technical oversight. A famous director can open doors and challenge strategy. That doesn't automatically give a board the scientific depth to test a diagnostic platform. Prestige can make a young company look safer while leaving the hardest operating question untouched.
The numbers make the story feel real. A multibillion dollar valuation, hundreds of millions raised and national retail partnerships give investors familiar business signals. Those signals usually matter. They become dangerous when investors start treating them as evidence about the one thing the company still has to prove.
The media helps close the loop. Holmes becomes a symbol of Silicon Valley ambition. WIRED has now revisited its own 2014 coverage and acknowledged how media enthusiasm helped amplify the founder story before the science received enough scrutiny.7 The founder earns attention because investors believe. Investors see attention and find another reason to believe.
Good diligence can still ask the wrong question. Investors may spend weeks testing market size, legal structure, partnerships and founder references while the core product remains difficult to inspect. A deal room can contain thousands of pages and still miss the fact that matters most.
The founder can become the gateway to the evidence. That creates a dangerous loop. Investors trust the founder enough to accept the materials, then use those materials to decide whether they should trust the founder. Independent verification has to break that loop.
The criminal case narrows the facts. In January 2022, a federal jury convicts Holmes of conspiracy to defraud investors and three counts of wire fraud tied to transfers totalling more than US$140 million. The jury acquits her on patient related conspiracy and several patient fraud counts, while other investor counts end without a unanimous verdict.10
The sentence makes the cost tangible. In November 2022, Holmes receives 135 months in federal prison. She begins serving the sentence in 2023. The SEC had put the investor principle plainly years earlier when it said investors are entitled to “complete truth and candor” from companies and executives.11
The audience knows how the story ends. That makes the continuing fascination more revealing. People aren't buying tickets because the verdict is unknown. They are watching because confidence, ambition, deception and failure are still compelling human material.
Persuasion still moves money. Canadian investors see the same mechanism in a different setting. How AI Is Changing Canadian Investors’ Decisions found that 84% of surveyed self directed investors used AI, financial creators or both. Technology changes the channel. It doesn't remove the human desire to find someone or something that makes uncertainty feel easier.
Founder conviction still has value. Early stage investors are paid to finance businesses before every answer exists. A founder who can't make others believe in an uncertain future may never recruit the team, customers or capital needed to build it.
Conviction needs independent evidence beside it. Customer calls, production data, technical review, board oversight and financial reconciliation give investors something that doesn't depend on the founder's version of events. The earlier the company, the more important it becomes to know which assumptions are still beliefs.
The Next Founder Won’t Look Like Elizabeth Holmes
Holmes is in prison, Theranos is gone and investors now know how the story ended. That makes the mistakes look obvious in hindsight. They were much harder to see when the company was raising money, signing national partners, attracting famous directors and appearing on magazine covers.
The next founder who lets belief outrun the evidence will probably look nothing like Holmes. The company may be building AI, financial infrastructure, robotics, biotech or something investors have not learned how to value yet. The founder may have respected backers, impressive customers and a demonstration that makes the future feel close enough to touch.
Early founders often have to sell conviction before the product, revenue or market fully exists. That's part of building a venture, not evidence of deception. Investors are financing a future that has not happened yet, so imagination belongs in the deal.
The line gets crossed when aspiration is presented as fact, a controlled demonstration is presented as independent proof, or hoped for traction is sold as something already verified. A founder can sell why the future might happen. The investor still has to know what is already true.
Questions for the Next Deal
- Will AI investors demand more independent product and customer verification as valuations rise?
- Can startup boards challenge charismatic founders without removing the conviction that helped build the company?
- Will venture investors change diligence when founder reputation becomes part of the valuation?
- Can founders prove ambitious claims without slowing the speed that makes startups competitive?
Related NCFA Intelligence
STORY INTELLIGENCE
How OpenAI And Anthropic Reached Public Markets
OpenAI and Anthropic show what happens when founder vision, strategic backers, governance choices and enormous private capital converge before public market scrutiny arrives.
FOUNDER BUILD
Inside a Licensed Profession: What Ownright’s Build Teaches Fintech Founders
Ownright offers a current founder case where credibility comes from operating evidence, regulatory fit, customer execution and a system that has processed more than $2 billion of transactions.
MARKET ACTIVITY
FNZ Turnaround Tests La Caisse and Canadian Pension Capital
Repeated capital raises and management changes at FNZ show what investor conviction looks like after the cheque is written, when ownership starts turning into active governance.
NCFA INSIGHT
Canada’s Early Stage Startup Funding Funnel Narrows
A tighter Canadian funding market raises the stakes for founders trying to earn attention and for investors deciding which stories deserve scarce early stage capital.
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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Crypto Live News Today: Live Cryptocurrency Graphs, Real-Time Prices and Where to Watch Crypto Live
Oct 20, 2026
Following crypto live news today starts with knowing what changed, then checking the prices and discussion around it. This edition brings together two recent developments, a timestamped Bitcoin, Ether and Solana price snapshot, and practical ways to read charts and choose coverage. The figures are observations from October 22, 2026; the linked resources let you continue checking as the story develops.
Crypto Live News Today: What Is Confirmed?
The news check below was completed on October 22, 2026, at 03:12 UTC. It covers two selected developments, rather than claiming to summarize every event in the market. For readers in Toronto, that cutoff falls on the evening of October 21. Dates should travel with a headline when it crosses time zones.
Solana's Alpenglow upgrade reaches mainnet
The Solana Foundation's Alpenglow update reports that the new consensus protocol is live on mainnet, following activation in epoch 1064 on October 21. Consensus is how validators agree on transaction order and finality: when a transaction is treated as irreversible. The Foundation describes roughly 150 milliseconds as the target finality, not a guarantee for every user's transaction.
The rollout also has a boundary worth retaining in a short summary. The voting component, Votor, is live; the separate block-distribution component, Rotor, is planned for a later release. Describing the entire roadmap as completed would overstate the update. For market readers, a technical milestone gives SOL a specific development to investigate, but does not establish what its price should be.
CME adds Bitcoin Cash and Uniswap futures
CME's listing notice identifies October 19, 2026, as the trade date for Bitcoin Cash and Uniswap futures, including Micro versions. Its current product page marks the contracts as live. This is a derivatives development, distinct from buying BCH or UNI outright on a spot exchange.
The distinction changes how a headline should be read. More instruments can give participants additional ways to express or hedge exposure; they do not demonstrate fresh net buying of the underlying token. Canadian readers should also distinguish a U.S. product listing from permission to access a particular service in their province.
For further reporting, browse crypto live news today on OnCoin, then follow each consequential claim to its announcement or filing. A story about a network upgrade needs different evidence from a story about an exchange listing. Keep those sources separate when several headlines arrive together.
What Real-Time Prices Actually Tell You
Here is a saved snapshot from Coinbase Exchange's public ticker endpoints, collected between 03:05:42 and 03:05:47 UTC on October 22, 2026. Each row is a last trade on that exchange in U.S. dollars. The rows were collected sequentially, not at one perfectly synchronized instant.
| Spot pair | Last trade, USD | Trade time, UTC |
|---|---|---|
| BTC-USD | $82,812.25 | 03:05:40.943 |
| ETH-USD | $2,438.96 | 03:05:43.889 |
| SOL-USD | $105.52 | 03:05:42.839 |
These are historical observations once printed, not executable offers or an automatically refreshing feed. The ticker endpoints return newer observations when queried again. A single quote cannot establish the day's trend or show whether either news item above moved the market.
The same data illustrates why price labels matter. In the ETH response, the last trade was $2,438.96, while the best bid was $2,439.06 and the best ask $2,439.11. The last trade records a completed transaction. Bid and ask describe the best displayed buying and selling prices at the snapshot, which can move before another trade occurs.
The displayed spread was therefore $0.05. That is not the full cost of an order: fees and available quantities still matter. A larger purchase may reach higher offers, while a larger sale may reach lower bids. Coinbase's ticker documentation identifies these fields separately, making it possible to check what a quoted number represents.
Do not mix USD, CAD and USDT figures when comparing screens. USDT is a dollar-linked token, not the same instrument as U.S. dollar cash. Even when two figures look close, the venue, trading pair and observation time must match before their difference means much.
Read Live Cryptocurrency Graphs Around the Event
A chart is useful when it helps answer a specific question: did the move begin before the announcement, continue afterward, or fade? Start with an asset you can identify and an event time you can support. Opening a chart without that question makes it easy to find a pattern that fits whichever explanation you already prefer.
If you need a live cryptocurrency graph, start with OnCoin's market overview and open the relevant asset detail page. Check the available interval and price series. If that view cannot show the historical window you need, use a chart that can; a present quote cannot reconstruct yesterday's trading.
Work through the comparison in this order:
- Match the instrument. Keep the same asset, quote currency and market type. SOL spot and a leveraged SOL perpetual contract can behave differently, especially around liquidations.
- Mark the event correctly. Separate a scheduled rollout time, confirmed activation and a reporter's publication time. For Alpenglow, an old schedule is not interchangeable with a later confirmation that the protocol is live.
- Widen the view. Look at the preceding hours before zooming into smaller candles. A move already underway deserves a different explanation from one beginning after new information became public.
- Add a comparison. Check a broad reference such as Bitcoin over the same interval. If several unrelated assets moved together, investigate a wider market explanation before assigning the entire change to one project's announcement.
Candlesticks summarize the opening, highest, lowest and closing prices within a selected interval, as described in Coinbase's chart overview. A candle still forming has not reached its final close. Avoid comparing that unfinished observation with a completed candle as though both were settled results.
Consider a hypothetical token trading at $2.00 before a headline reaches your feed, then $2.10 when you open the report and $2.12 five minutes later. The move from $2.00 is 6%; the move from $2.10 is about 0.95%. Choosing the earlier baseline makes the apparent reaction much larger. Without the original announcement time, neither calculation identifies the event's effect.
Volume can help show whether activity increased during the interval. It does not reveal traders' motives. Keep its units and venue coverage consistent, particularly when comparing a spot chart with derivatives activity.
Where to Watch Crypto Live
Choose coverage according to the question you need answered. Community discussion is useful for asking a host to explain a term or show a source. An issuer's technical presentation is better suited to understanding its own release. Newsroom video can provide interviews and editorial context, though a recorded segment is not current simply because its topic remains in the headlines.
OnCoin's crypto category is one place to watch crypto live, with navigation for live, upcoming and replay content. Check the session date and status before relying on a statement about what is happening now. This is a route to discussion, not an endorsement of every host or a promise that a relevant session is always broadcasting.
For newsroom coverage, CoinDesk's video hub lists formats including CoinDesk Daily and Markets Outlook. Read each segment's date and subject. For the network story above, the Solana Foundation's upgrade page also links to its own Alpenglow explainer. That material can clarify the design, while remaining an interested party's account rather than independent investment analysis.
During a stream, ask a concrete question: “Which document confirms that this part has launched?” or “Which pair and interval are on screen?” Answers that lead back to something you can inspect are more useful than a confident price prediction. Holdings, sponsorship and affiliate arrangements belong in your assessment of a speaker's recommendations.
See: How Tokenization Became A Business Investors Can Measure
A genuine account can also distribute a false claim. The SEC's January 12, 2024 incident statement documents an unauthorized approval post on its X account three days earlier. For consequential regulatory news, check the formal record rather than stopping at account identity or a screenshot shown on air.
Conclusion
Read the announcement before explaining the price move. Keep the same pair and interval when comparing charts, and choose coverage that helps answer the questions the document leaves open. That gives you a clearer account of an event without requiring an instant market prediction. Accurate news can still be followed by losses, illiquid trading or implementation problems. Keep its sources and dates attached when sharing an update, and revise your account if the evidence changes.
FAQ
Can I follow the news without opening a trading account?
Public announcements, many market pages and some streams can be read without placing a trade. Access and account requirements vary by service. Use the publisher's known website, and avoid signing a wallet message or sending funds merely to read a report. There is no need to create financial exposure to investigate a headline.
What should I do if a live price stops updating?
Check the displayed observation time, the venue's service-status page and a second independent source. A frozen number does not mean the market has stopped moving. Avoid treating a stale quote as an opportunity until you understand whether the problem is your connection, the data display or the trading venue.
How should I handle a correction after sharing a headline?
Post the correction where the original audience can see it, identify what changed and link to the supporting record. Remove malicious links when necessary. Quiet deletion may leave earlier readers unaware of the error, especially if they copied the claim into another conversation.
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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