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Donald Trump’s pro-crypto election victory has ignited efforts in Canada to advance cryptocurrency regulations, focusing on stablecoin frameworks, tax-free crypto accounts, and integrating Bitcoin into retirement plans to stay competitive in the global digital economy.
Trump's Win Sparks Canadian Crypto Advocacy Efforts
Bloomberg reports that Canadian crypto proponents' enthusiasm has grown in the wake of Donald Trump's presidential victory and the triumph of pro-crypto candidates in the US elections.
Coinbase, Ripple Labs, and Andreessen Horowitz were among the US crypto industry's $135 million in campaign contributions to groups, including Crypto's Fairshake PAC.
Canada has severe donation limitations, so crypto leaders there are refocusing their efforts on grassroots activism rather than campaign donations. The American advocacy group Stand With Crypto extended its reach to the Canadian market in the middle of 2023. The lobbying organization is coordinating grassroots efforts to educate lawmakers and the public about digital assets.
USDC's Milestone Reflects Canadian Crypto Growth
Circle, the issuer of USDC, and Canada recently reached a regulatory milestone, reflecting the country's increasing interest in cryptocurrency advocacy.
Following the new Value-Referenced Crypto Asset (VRCA) standards established by the Ontario Securities Commission (OSC) and the Canadian Securities Administrators (CSA), the stablecoin issuer became the pioneer stablecoin provider. The ongoing availability of USDC on compliant Canadian platforms is assured by this approval.
Stablecoin Rules and Retirement Plans Under Scrutiny
Per Coingape, among the most pressing issues that the Canadian cryptocurrency industry has identified for legislative change are the following: the oversight of stablecoins, the inclusion of Bitcoin in retirement plans, and the provision of tax-free savings accounts for crypto.
Stablecoins were severely restricted from being listed on crypto trading platforms when the Canadian Securities Administrators imposed harsher regulations towards the end of 2023.
Major platforms such as Binance, Bybit, and OKX have decided to leave the Canadian market due to regulatory issues. Prominent members of the industry have long argued that stablecoins should follow international standards and be classified as payment instruments rather than securities. Crypto proponents in Canada continue to prioritize this problem.
Crypto Interest Grows with Rising Prices
However, ever since Donald Trump took office, trade volumes and prices of cryptocurrencies in the US and Canada have skyrocketed. Coinbase Canada had more users sign up, and WonderFi Technologies saw more transactions from customers. More and more people are starting to see the value of digital assets, and this is driving interest in them.
Canadian Crypto Leaders Advocate for Policy Reform
In a statement, WonderFi Technologies Inc. CEO Dean Skurka said:
“We’re hopeful, but it hasn’t quite played out that way in Canada historically, and obviously in the US this is the first time that it’s really become an election issue. Hopefully the positive response that it has seen the start of will be a signal to Canadian politicians to take it seriously.”
Coinbase Canada CEO Lucas Matheson stressed the importance of maintaining a competitive edge in the global digital economy. He cited the pro-crypto appointments and greater acceptance in the US by the Trump administration as a rallying cry.
Matheson tacked on:
“There are significant changes coming in how the US government and citizens in the US take advantage of the digital economy. It’s incredibly important that Canadians don’t miss out on this and sit on the sidelines and wait until the rest of the world has figured out how to take advantage of digital assets.”
Canadian political leaders want digital assets to be a defining issue in the upcoming federal election. The sector is actively working to promote blockchain technology adoption and open banking legislation that incorporates cryptocurrency.
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