Canadian crypto leaders draw from US election victories to shape their advocacy and promote pro-crypto policies nationwide.
US Elections as a Catalyst
The 2024 US elections significantly elevated crypto’s political prominence. Pro-crypto candidates won major races, with Donald Trump shifting from skepticism to full support for digital assets. Since his victory, Trump has appointed crypto advocates to key roles, fueling Bitcoin’s rise above $100,000 and boosting market enthusiasm.
US crypto players, such as Coinbase and Ripple Labs, contributed $135 million to pro-crypto campaigns, spotlighting digital assets as a central election issue.
A Different Approach in Canada
Canada’s crypto leaders aim to replicate the US success within the confines of their unique political system. Unlike the US, Canadian regulations cap individual donations at CAD 1,750 and prohibit corporate campaign contributions. Despite these hurdles, industry advocacy has gained momentum since November 2024.
Dean Skurka, CEO of WonderFi Technologies, stated, “Conversations are easier to start today than they were over a month ago.”
Stand With Crypto in Canada
The advocacy group Stand With Crypto, which successfully endorsed candidates in the US, expanded to Canada in July 2024. Instead of endorsing candidates, the Canadian branch focuses on grassroots activism, mobilizing communities to discuss crypto’s potential with MPs and fellow citizens.
The next federal election, due by October 2025, might occur sooner due to a possible non-confidence motion against the minority Liberal government. Crypto advocates hope to make digital assets a prominent election issue.
Challenges and Progress in Regulation
Canada has historically been a crypto pioneer, launching the world’s first Bitcoin ETFs and fostering Ethereum’s creation. However, new rules from the Canadian Securities Administrators (CSA) that took effect on Dec. 31, 2024, have sparked industry concerns.
The regulations restrict stablecoin listings and require pre-registration undertakings for trading platforms. These measures have pushed platforms like Binance and Gemini to exit Canada, highlighting the regulatory strain on the industry.
Advocacy Priorities
The Canadian crypto sector is lobbying for:
- Integrating crypto into retirement and tax-free savings accounts.
- Redefining stablecoins as payment tools rather than securities.
- Including crypto in open banking frameworks.
Sophia Cote, head of public policy at Shakepay, emphasized the need for clarity. “Stablecoins globally are used for payments, not securities,” she noted.
Staying Competitive in the Global Crypto Race
With Trump’s administration prioritizing crypto innovation, Canadian leaders warn against lagging behind. Coinbase Canada CEO Lucas Matheson stressed, “It’s incredibly important that Canadians don’t miss out and sit on the sidelines.”
Rising interest in crypto has spurred trading volumes and new sign-ups on platforms like WonderFi and Coinbase Canada. Industry leaders believe that Canada must seize this momentum to remain competitive in the digital economy.
“Crypto is here to stay,” Matheson said. “The US elections cemented crypto in history and set a path for global strategies.”
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