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 Interviews and Podcasts
SEC commissioner: Investors have the right to make their own decisions without regulators standing in the way
CNN Business | | Oct 11, 2021
As a commissioner at the Securities and Exchange Commission, an important part of my job is protecting investors from the fraudsters who can cause them so much harm. Although swindlers often change their pitch to reflect the day's most popular trends — cannabis, crypto and clean energy are all the rage now — the cases the Commission brings typically have the same thing in common: they involve someone lying to get other people's money. Soon, other "hot investment opportunities that are too good to pass up" will be exploited by fraudsters, and when they do, the Commission will ensure that the securities laws are enforced.
Seeing these frauds day after day, week after week and year after year can make a securities regulator like me wonder whether anyone raising money from investors is honest. But that cynicism, understandable as it may be, can undermine our role in protecting investors.
Video Interview: SEC Commissioner Hester Peirce interviewed by Alixe Cormick at FFCON21
Investor protection means enforcing antifraud and disclosure rules, but it also means protecting an investor's right to make investment decisions for herself, to take risks and to use the latest technology to trade and invest. As in other areas of life, people want to be able to make choices about their finances, even if others might question those choices or choose differently for themselves. Investors learn both from their mistakes and their successes.
Investment decisions are inherently personal
An investor's age, career opportunities, asset mix, family situation, cash flow, expenses, anticipated length of retirement, interests, personal convictions and risk tolerance all play into whether a particular investment makes sense for a particular person at a particular time. Even two people who appear to be similarly situated may not be equally well-served by the same investment. Consequently, investment decisions are best made by an investor or an adviser with a deep understanding of the investor's circumstances and financial needs, not by a regulator seeking to act in what it perceives to be the "typical" investor's best interest.
Because a regulator cannot know each individual's complex mix of circumstances, she cannot decide which investments are good for which investors when. A regulator who attempts to do so is essentially saying that she can look from afar at an investor's life and decide what securities are best for that investor. A regulator, for example, may structure rules in a way that pushes retail investors into passive index funds and away from individual stocks or actively managed funds. That passive portfolio might be right for many investors, but other investors may prefer a different mix of investments.
See: Speech by SEC Commissioner Peirce: Prosperity’s Door
Because of the inherent limitations on what it can know about particular investors, the SEC would do well to resist the urge to engage in financial planning by regulation, which is what it does when it limits an investor's ability to decide for herself what investments should be in her portfolio.
Regulators, risk-averse by nature, also should avoid imposing their own risk tolerance on investors, many of whom are comfortable with taking risks that regulators would not themselves take in choosing their own investments.
For instance, the SEC has been reluctant to greenlight traditional investment products holding crypto, potentially harming investors by restricting their ability to diversify their portfolios and to gain exposure to the growth potential of this new technology.
Regulators have a role to play, but that role should always be carried out with humility and a realization that investors have a right to make their own decisions, regardless of what regulators think of 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, 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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Podcast: Whistleblower testifies about Facebook’s amplification algorithm and misleading the public
USA Today | Claire Thornton | Oct 11, 2021
On today's episode of 5 Things: Armed with tens of thousands of documents, Facebook whistleblower Frances Haugen testified before Congress this week, warning lawmakers that the company has repeatedly misled the public about how its platforms drive division and harm users, especially children.
Earlier in the week, Facebook saw one of its worst outages ever. Facebook's platforms were down for six hours and over three billion people were affected worldwide.
Facebook went down for a bit on Thursday, October 8, 2021 as well.
We've known for a long time that Facebook and Instagram have harmful effects and we've known we're probably a bit too dependent on the platforms.
See: U.S. and States Say Facebook Illegally Crushed Competition
So why does this moment feel different?
Breaking news reporter Gabriela Miranda, tech reporter Mike Snider and politics reporter Matthew Brown sit down with host Claire Thornton to dissect Frances Haugen's Congressional testimony, explain what we know about Facebook's 'amplification' algorithm and discuss how everyday people had their lives upended by Facebook's massive outage last Monday.
Extract from the podcast discussion including Facebook's Amplification algorithm
Matt Brown:
This algorithm is causing extremism in communities, this algorithm is causing people to be angrier, but it's also causing them to be more engaged. And when researchers at Facebook brought this information to the top executives, they consistently said, these are the effects and if we want to make them better, we have solutions that would potentially make a lot of the issues that are going rampant on this platform better, but they would probably decrease engagement on some level.
Claire Thornton:
And they didn't do anything about it.
See: How open-source software shapes AI policy
Matt Brown:
And consistently Facebook's executives said, we are going to choose keeping people engaged, increasing the scale of our platforms, instead of saying, we're going to scale this down and maybe not grow as quickly and not increase profits as quickly. So the fact that we know from inside the company now, how definitively this went is what really makes this situation so much more of a game changer. Haugen actually compared Facebook's behavior on this issue to the tobacco companies before regulation came for them and to the automakers actually even before we were required to have seatbelts in our cars. So she's really taking this as a historic moment that needs regulation. She kept urging that this is something that Facebook is not going to correct on its own, that its executives have consistently shown that they are not interested in correcting this on their own, even though they know what they need to do. And that's why she's now turning to Congress and saying that someone from outside the company needs to act.
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The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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NCFA’s Fintech Confidential Magazine (Issue 4 October 2021)
It's here! Checkout the latest issue of Fintech Confidential, NCFA's digital magazine
Welcome to Fintech Confidential, your essential guide to the global fintech and funding landscape. Brought to you by the National Crowdfunding & Fintech Association of Canada (NCFA) and our partners, each issue dives into the latest trends, innovations, and insights in the fintech world. From insider views to regulatory developments, we keep you informed and inspired. Enjoy the read and share the knowledge. Onwards and upwards in the world of fintech!
Checkout FFCON21: BREAKING BARRIERS for more information about the annual conference, on-demand videos and ways to participate
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Hot off the press: NCFA’s Fintech Confidential Issue 4, October 2021
About NCFA Canada | Craig Asano | Oct 7, 2021
Welcome Letter
Dear Global Fintech & Funding Communities,
The National Crowdfunding & Fintech Association of Canada (NCFA) and partners are excited to present Vol. 1 Issue 4, FINTECH CONFIDENTIAL, a digital pop-up of the 7th annual 2021 Fintech & Financing Conference and Expo (FFCON21) held virtually from May 11-13 and co-hosted by NCFA and Toronto Finance International (TFI).
As global economies strive to contain the latest Covid outbreak and recover fragile sectors, fintech innovators continue to ‘BREAK BARRIERS’, the main theme of this year’s conference, and the second year in partnership with TFI, reflecting the growth and emerging challenges that the Canadian Fintech industry must navigate to achieve mass adoption and scale.
Fintech is not a niche but a permanent technological evolution that is changing the world of finance by high growth fintech companies and incumbent financial institutions. It’s setting new standards and demanding new regulations. It’s about delivering better financial products, services, and outcomes for everyone especially consumers and small to midsize enterprises (SMEs).
It’s been another unprecedented year with covid accelerating trends such as bitcoin’s institutionalization, the growing power of retail investors, the 2nd round of Open Banking consultations and the advisory committee’s recommendations to the federal government, payment modernization efforts, adoption of harmonized Crowdfunding regulation, AI roadmap, emergence of digital identity as a ‘right’ and core data infrastructure (ie., vaccine passports), growing support for Purpose (not just shareholder profit), green finance solutions tackling shared global problems such as SDGs and climate change, EDI (equality, diversity and inclusion), and regulatory push back and a firm ‘line in the sand’ for Big Tech.
FFCON21 was a successful event attracting over 100+ thought leaders, 75 partners, 500+ attendees, an NFT charity fundraiser in partnership with CanadaHelps for front line workers, and our second annual 2021 Fintech Draft competition -- a pitching event inspired by sports league drafts and designed to identity emerging high growth fintech ventures. A hearty congratulations to the winners: Agryo (Overall) and Copia Wealth Studios (People’s Choice)!
Thank you to all the partners, speakers, attendees, volunteers, and the entire organizing team for making ‘Breaking Barriers’ an impactful and amazing online experience and for being part of Canada’s fintech and funding community. We hope you enjoy reading this special edition of Fintech Confidential.
Finally, we continue to encourage the community to be mindful of others, and to do the right thing. Dream big, be open to partnerships, and execute like your life depends on it -- it’s not too late to participate. The world is changing because of you but there is a long bridge to cross, and more glass ceilings to break. Onwards and upwards…
All the best
Craig Asano
Founder and CEO
NCFA Canada
Read the 85 page Fintech Confidential Issue 4 Digital Magazine --> Now
Note to readers: the publishing platform's 'hot spot editor' is currently down (but we wanted to publish before Canada's Thanksgiving Long Weekend. We'll add in audio and links to the document shortly. Thanks for your patience!
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Podcast: CBDC implementation models and the role of the private sector including Payments Canada architect
OMFIF | Sep 30, 2021
See: Latest from BIS and a group of 7 central banks including Canada on retail CBDCs
Katie-Ann Wilson, head of policy analysis, OMFIF Digital Monetary Institute, is joined by David Mackeith, principal technology adviser, Amazon Web Services, and Craig Borysowich, principal architect, Payments Canada, to discuss central bank digital currency implementation models, focusing on the division of labour between the central bank and intermediaries. They also explore challenges of a two-tier model, how the central bank can incentivise adoption and the future of cross-border CBDCs.
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The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Betakit podcast with Senator Deacon on Open Banking and Competition
Betakit | Sep 27, 2021
“The reality is [the banks] have been used to an environment where they can increase fees without increasing value to customers.”
Biography: Senator Colin Deacon
The Honourable Colin Deacon’s entrepreneurial background brings a unique perspective to Canada’s Upper Chamber. Before his June 2018 appointment to the Senate as an Independent Senator representing Nova Scotia, Senator Deacon spent much of his career turning ideas into organizations, products and services that improve lives.
Also:
Canada’s Library of Parliament Report: A Comparison of Open Banking Recommendations
Minister Freeland releases final report with 34 recommendations on Open Banking from the Advisory committee
FFCON21 On-Demand with Seanator Colin Deacon: Inclusive Banking and Affordable Credit
In 2009, he founded BlueLight Analytics, a company in the restorative dentistry field. The company has successfully commercialized new technologies that improve the longevity of dental fillings. Their products were sold in dozens of countries, and they worked with most dental multinationals. Until 2006, he served as CEO of SpellRead, which improved reading skills among children and adults, and was regularly cited as one of Atlantic Canada’s fastest-growing companies. Senator Deacon has also contributed to the charitable sector, where he has been an active member on the board of several organizations, including those dedicated to children’s health and well-being, mentorship, and celebrating social innovators.
His career has focused on enabling collaboration between research and business, and Senator Deacon continues to be a strong advocate for knowledge mobilization.
As part of the Senate, he has been a strong advocate for entrepreneurs, harnessing the digital economy, updating Canada’s privacy legislation, ensuring global competitiveness of Canadian firms, and promoting Canadian leadership on climate change. See more
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The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Cardano founder Charles Hoskinson discusses ‘bitcoin maximalism’ and ‘real-fi’
Yahoo Finance | Camomile Shumba | Sep 18, 2021
Cardano founder Charles Hoskinson believes no one blockchain will dominate the crypto sector, but rather, there will be an "internet of blockchains." The network recently underwent a major upgrade that gave it the ability to host smart contracts and other applications like non-fungible tokens.
Its native ada token has gained nearly 1,250% this year, and is now the third-largest by market capitalization, behind bitcoin and ether.
Hoskinson recently spoke with Insider about the key alonzo network upgrade, the future of decentralized finance and how smaller blockchains like cardano haven't yet seen the benefits of institutional investors jumping on the crypto bandwagon.
See: Is Staking Crypto The Same As Interest?
He covered a variety of subjects, ranging from maximalism in the crypto space, welcomed more "quality standards" for networks and even spoke about his upcoming tour in Africa - the world's third fastest growing crypto economy.
Select Top Quotes from the interview:
- "The other thing is DeFi needs to turn into 'real-fi' and needs to grow up, so that means it needs governance and true decentralization. It needs to have metadata standards, it needs to have quality standards, it needs to have real customers, it needs to have identity built in, all these types of things." - on what decentralized finance needs to mature.
- "Almost all [Cardano's] growth has been like bitcoin - organic, and it didn't have some centralized driving force that was doing market-making deals behind the scenes. Now that was a double-edged sword, it meant it took a hell of a lot longer for us to get listed on Coinbase." - on the challenge of purely organic growth.
- "(Institutional investors) tend to only buy bitcoin - but they're starting now to use utility impact, environmental concerns and other things as investment criteria, which excludes bitcoin." - on investor reservations over bitcoin. So then they have to move down the line and actually have to go with proof of stake systems and we're the largest. So we think we should get the lion's share of those allocations." - on cardano's edge over its competitors.
Continue to the full article --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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