Coinbase chief legal officer Paul Grewal addressed some of the concerns raised by US lawmakers and industry leaders around President Donald Trump’s crypto ventures, and how they may affect related legislation.

Speaking at the Consensus conference in Toronto on May 15, Grewal said there had been “hiccups” in Congress since the Senate Banking Committee voted to advance the Guiding and Establishing National Innovation for US Stablecoins, or GENIUS Act, in March.

Though Grewal said there were disputes over “substantial issues that need to be addressed” in the bill, he hinted that Trump’s involvement in the industry was a “complicating factor.” 

“The discussion around the president’s support for a certain memecoin or two and other efforts does add a certain level of challenge to the effort to get Democrats and Republicans aligned on the right way to regulate the [spot market], but I have confidence that the Senate and the House are going to sort all that out,” said Grewal.

Paul Grewal (right) on stage at Consensus in Toronto on May 15. Source: Cointelegraph.

Democrats including Senator Elizabeth Warren explicitly called out the Trump family’s crypto venture, World Liberty Financial, and its USD1 stablecoin in opposing the GENIUS Act.

However, some of the bill’s supporters, like Senator Kirsten Gillibrand, who proposed an earlier version of the legislation, said they would remove language specifically targeting the president’s crypto ventures.

Related: Democrats seek suspicious activity reports linked to Trump crypto ventures

Whatever the terms for modifications to the bill may be, many lawmakers still expect the Senate to take up another vote in a matter of days. Punchbowl reported on May 15 that Democrats “won major victories” after receiving assurances that some of their concerns around consumer protection, Anti-Money Laundering, and national security safeguards would be addressed.

First stablecoins, then a market structure bill?

The House of Representatives is also considering draft legislation for a digital asset market structure bill, a different iteration of the FIT21 bill that passed the chamber in May 2024. Democratic representatives have similarly pushed back on the legislation, citing “Trump’s crypto corruption.”

“I think we’re gonna learn a lot from the progress we see just in the next few days on stablecoins on the appetite to really tackle all these problems on any schedule that resembles the one that was laid out not long ago by the White House and certain leaders in Congress,” said Grewal.

Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions

Coinbase chief legal officer Paul Grewal addressed some of the concerns raised by US lawmakers and industry leaders around President Donald Trump’s crypto ventures, and how they may affect related legislation.

Speaking at the Consensus conference in Toronto on May 15, Grewal said there had been “hiccups” in Congress since the Senate Banking Committee voted to advance the Guiding and Establishing National Innovation for US Stablecoins, or GENIUS Act, in March. Though Grewal said there were disputes over “substantial issues that need to be addressed” in the bill, he hinted that Trump’s involvement in the industry was a “complicating factor.” 

“The discussion around the president’s support for a certain memecoin or two and other efforts does add a certain level of challenge to the effort to get Democrats and Republicans aligned on the right way to regulate the [spot market], but I have confidence that the Senate and the House are going to sort all that out,” said Grewal.

Paul Grewal (right) on stage at Consensus in Toronto on May 15. Source: Cointelegraph.

Democrats including Senator Elizabeth Warren explicitly called out the Trump family’s crypto venture, World Liberty Financial, and its USD1 stablecoin in opposing the GENIUS Act. However, some of the bill’s supporters, like Senator Kirsten Gillibrand, who proposed an earlier version of the legislation, said they would remove language specifically targeting the president’s crypto ventures.

Related: Democrats seek suspicious activity reports linked to Trump crypto ventures

Whatever the terms for modifications to the bill may be, many lawmakers still expect the Senate to take up another vote in a matter of days. Punchbowl reported on May 15 that Democrats “won major victories” after receiving assurances that some of their concerns around consumer protection, Anti-Money Laundering, and national security safeguards would be addressed.

First stablecoins, then a market structure bill?

The House of Representatives is also considering draft legislation for a digital asset market structure bill, a different iteration of the FIT21 bill that passed the chamber in May 2024. Democratic representatives have similarly pushed back on the legislation, citing “Trump’s crypto corruption.”

“I think we’re gonna learn a lot from the progress we see just in the next few days on stablecoins on the appetite to really tackle all these problems on any schedule that resembles the one that was laid out not long ago by the White House and certain leaders in Congress,” said Grewal.

Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions

There is an ongoing race across the world for Bitcoin accumulation, according to Eric Trump, the second-eldest son of US President Donald Trump. Speaking at a crypto conference in Toronto on May 15, Trump said that from families to government funds, “everybody in the world is trying to hoard Bitcoin right now.”

The remarks came during a panel at Consensus 2025. Sharing the stage with Asher Genoot, the CEO of Bitcoin (BTC) mining company Hut 8, Trump said Bitcoin adoption has been incredible.

“I’m traveling. I’m on a plane. Everybody in the world is trying to hoard Bitcoin right now. Everybody. I hear it from sovereign wealth funds. I hear it from the wealthiest families. I hear from the biggest companies.”Asher Genoot and Eric Trump at Consensus 2025. Source: Cointelegraph

Trump described what he sees as “two races in Bitcoin”: the accumulation race — currently led by Michael Saylor, he says — and the mining race, which marks his own involvement in the crypto space.

President Trump’s third child is the co-founder of American Bitcoin, a Hut8 subsidiary. On May 12, the companies announced American Bitcoin would merge with Gryphon Digital Mining in a stock-for-stock transaction that will result with a public listing on the Nasdaq.

Related: Bitcoin bulls aim for new all-time highs by next week as capital inflows soar

Trump crypto ventures cause Democrats consternation

The size of Trump’s family crypto ventures has grown considerably over several years from non-fungible token collections and mining to memecoins and a stablecoin. Critics say the ventures pose conflicts of interest and open the door to potential corruption.

At various points, Democrats have called for investigations into Trump’s crypto-related activities, proposed legislation aimed at limiting potential financial gains by the Trump family from memecoins, and walked out of a joint hearing on digital assets, citing concerns over the lack of discussion around the president’s involvement in the crypto space.

Senate Democrats withdrew their support for a bipartisan stablecoin bill amid ongoing scrutiny of the president’s crypto ventures, though a second voting session could come as soon as May 26.

Magazine: Trump’s crypto ventures raise conflict of interest, insider trading question

Key takeaway:

Bitcoin’s struggles to overtake the $105,000 level as US macroeconomic headwinds remain a challenge.

Steady inflows from institutional investors and the strength of the $100,000 support point to growing confidence in Bitcoin.

Bitcoin (BTC) has struggled to break above $105,000 since May 10, leading traders to question whether the bullish momentum has faded. Although BTC managed to reclaim the $104,000 level, demand for leveraged long positions has dropped sharply, as indicated by the decline in the Bitcoin futures premium.

Bitcoin 2-month futures annualized premium. Source: laevitas.ch

On May 14, the annualized Bitcoin futures premium peaked at 7%, but then fell to 5%, which is near the neutral-to-bearish threshold and matches the level seen four weeks ago when BTC traded around $84,500. 

This decline in demand for leveraged bullish positions appears to be linked to broader macroeconomic uncertainty, since Bitcoin’s price has been closely following movements in the stock market.

S&P 500 futures (left) vs. Bitcoin/USD (right), 30min. Source: TradingView

The S&P 500 futures reversed early weakness on May 15, coinciding with Bitcoin’s rebound from $101,800 to $104,000. Investors seem more confident that the US Treasury will be compelled to inject liquidity after Federal Reserve Chair Jerome Powell warned that “supply shocks” could keep interest rates higher for longer than expected.

Signs of economic weakness have also emerged. The US Bureau of Labor Statistics reported that April’s Producer Price Index fell 0.5% from the previous month, while economists surveyed by FactSet had anticipated a 0.2% rise.

According to Reuters, investors’ limited risk appetite is also influenced by ongoing global trade tensions, as the US–China tariff agreement remains only a temporary solution.

US 10-year Treasury yields. Source: TradingView / Cointelegraph

Demand for fixed income has increased, with the yield on the 10-year US Treasury dropping to 4.45% after reaching 4.55% on May 14, reversing the previous week’s trend. Historically, Bitcoin tends to perform better when government bond yields are rising, as this signals reduced confidence in the Treasury’s ability to manage its debt.

Bitcoin’s rally to $105,000 hinges on macroeconomic trends

To assess whether traders are simply avoiding leverage or actively betting on a price decline, it is helpful to analyze Bitcoin options demand. Typically, periods of bearish sentiment push the BTC delta skew indicator above the neutral 6% threshold.

Bitcoin 60-day options delta 25% skew (put-call) at Deribit. Source: laevitas.ch

Contrary to expectations, Bitcoin put (sell) options have been trading at a discount compared to call (buy) options, signaling strong confidence in the $100,000 support level. However, the optimism seen on May 14 has faded, with the indicator now at a neutral -4%.

Related: What the 10-year Treasury yield means for crypto yields and stablecoins

Since Bitcoin’s price has closely mirrored the US stock market, the chances of breaking above $105,000 depend heavily on macroeconomic developments, such as trends in the US Federal Reserve’s balance sheet and recession risks. Notably, Bitcoin’s high correlation with the S&P 500 rarely persists for more than two months.

Net inflows of $320 million into US Bitcoin exchange-traded funds (ETFs) on May 14 point to ongoing institutional demand. This suggests that investors are gradually shifting their perception of Bitcoin from a risk-on asset to a non-correlated instrument, which may reduce the likelihood of sharp price corrections, even in the absence of strong leveraged bullish positions.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Asset tokenization is set to accelerate the movement of capital across traditional markets, according to Chainlink co-founder Sergey Nazarov. Speaking with Cointelegraph at Consensus 2025 in Toronto, Nazarov said the shift will boost capital velocity in asset classes such as treasuries, equities, private credit, commercial debt, and real estate.

“I think that there are two sides to this equation. One is the asset, and the other one is the payment. So, you need more high-quality assets onchain, but you also need more frictionless payments that existing institutions can use easily,” Nazarov said on May 14.

The remarks came on the same day Chainlink announced a partnership with Kinexys, a blockchain network for institutional-grade tokenized assets by JP Morgan, and digital asset firm Ondo Finance. Together, the companies will develop payment rails for institutions trading tokenized real-world assets onchain.

The partnership tested the exchange of Ondo’s US Government Treasuries Fund (OUSG), a tokenized short-term US debt fund, with Kinexys, using Chainlink’s Runtime Environment — a framework for connecting legacy financial systems to blockchains in a unified environment.

“What Chainlink is trying to do is kick off a virtuous cycle that triggers kind of a runaway success for the industry as a whole. We want more assets onchain, Nazarov added. “We want more payment systems onchain,” he continued.

From left to right: Colin Cunningham, Sergey Nazarov, Nelli Zaltzman and Nathan Allman at Consensus 2025. Source: Vince Quill/Cointelegraph

The partnership reflects the broader institutional acceptance of cryptocurrencies and Web3 technologies, following a positive regulatory shift in the United States post-2024 elections and the resignation of Gary Gensler, former chair of the US Securities and Exchange Commission (SEC).

Related: ‘Everything is lining up’ — Tokenization is having its breakout moment

Chainlink’s runtime environment

Chainlink is a decentralized oracle network that connects smart contracts on blockchains with real-world data, APIs, and offchain systems. Nazarov said the company has been coordinating transactions between financial institutions, asset issuers, and regulators.

Chainlink markets its “Runtime Environment” as an upgrade to legacy financial systems’ protocols, including the Common Business-Oriented Language (COBOL) standard — an operating language developed in 1959 for automated teller machines (ATMs) — and the Java Runtime architecture for online banking applications.

Chainlink co-founder Sergey Nazarov speaking at Consensus 2025. Source: Vince Quill/Cointelegraph

Nazarov previously stressed that the United States needs to establish a competitive moat around tokenized assets to keep US capital markets competitive and attractive in the age of global, permissionless finance.

Magazine: Ethereum is destroying the competition in the $16.1T TradFi tokenization race

Bitdeer Technologies Group reported a 41% year-over-year drop in revenue to $70.1 million for the first quarter of 2025, the Bitcoin miner said on May 15. 

The Singaporean company clocked an operating loss of $3.2 million for the quarter, down from a $34.1 million profit during the same period last year, its earnings release said. 

However, Bitdeer reported a Q1 net income of more than $400 million, largely driven by gains on convertible notes and warrants issued to stablecoin issuer Tether in 2024.

Bitdeer’s revenue declines come as miners increasingly expand beyond Bitcoin (BTC) mining and pivot toward supplying high-performance computing (HPC) for artificial intelligence applications. 

“As we scale self-mining and execute on our ASIC [mining hardware] roadmap, we are also advancing plans for U.S.-based HPC and AI infrastructure,” Matt Kong, Bitdeer’s chief business officer, said in a statement.

But Bitcoin miners are still struggling to adapt after the Bitcoin network’s April 2024 halving event, which effectively cut mining revenue in half. 

Bitdeer has been trying to offset waning mining revenue by selling its own energy-efficient Bitcoin mining hardware. However, sales are still scaling and have not yet made up for lost mining income. 

Operational summary for Bitdeer in Q1 2025. Source: Bitdeer

Related: Bitfarms clocks $36M net loss amid shift from Bitcoin mining to AI

Self-mining ramp-up

The company is also ramping up self-mining activities, which involve using mining hardware to accumulate Bitcoin itself.

Bitdeer expects its self-mining hashrate to reach 40 exahashes per second (EH/s) by the end of 2025, according to its earnings release. Hashrate is a measure of the computing power securing the Bitcoin network.

“With our SEALMINER mining rigs quickly coming off the production line and ample global power capacity available, we expect to achieve rapid growth in our self-mining hashrate,” Kong said.

As of March, Tether owned a 21% stake in Bitdeer, according to US regulatory filings.

Bitdeer has been reportedly investing in its US expansion as a hedge against the prospect of worsening trade wars.

Magazine: Help! My parents are addicted to Pi Network crypto tapper

More than two-and-a-half years after filing for bankruptcy, cryptocurrency exchange FTX is moving forward with repaying users who have not had access to their funds.

In a May 15 notice, the FTX Recovery Trust announced that it would begin disbursing funds to the second group of parties eligible under the exchange’s reorganization plan. Starting on May 30, FTX will send more than $5 billion to creditors “within 1 to 3 business days” through crypto firms BitGo and Kraken. 

In accordance with the reorganization plan, FTX said five groups of “convenience classes” would receive between 54% and 120% distribution of assets. The repayment schedule for the next class of creditors will be “announced in due course,” and the debtors were expected to pay up to $16 billion if all claims were filed.

Breakdown of the second round of FTX repayments. Source: Sunil Kavuri

FTX began its first round of reimbursements on Feb. 18, which was estimated to repay roughly $1.2 billion to creditors. Though former FTX users will likely be seeing their funds for the first time since the exchange collapsed in November 2022, many have criticized the reorganization plan for basing disbursement on the prices of cryptocurrencies at the time of bankruptcy.

Related: FTX EU creditors can now withdraw money from Backpack exchange

Since the end of 2022, the price of Bitcoin has risen more than 400%, from roughly $20,000 to more than $100,000 at the time of publication. According to the recovery plan, 98% of creditors are expected to receive at least 118% of their initial claim value in cash.

Criminal cases already wrapped, nearing the end

The estate’s announcement came more than a year after former FTX CEO Sam “SBF” Bankman-Fried was found guilty at trial and sentenced to 25 years in prison for his role in misusing customer funds. Former Alameda Research CEO Caroline Ellison and former FTX Digital Markets co-CEO Ryan Salame pleaded guilty and were sentenced to two and seven-and-a-half years in prison, respectively.

FTX engineering director Nishad Singh and co-founder Gary Wang also pleaded guilty and were sentenced to time served. However, Salame’s wife, Michelle Bond, while potentially not directly involved in the exchange’s activities, still faces campaign finance charges in New York.

Magazine: Bitcoin eyes ‘crazy numbers,’ JD Vance set for Bitcoin talk: Hodler’s Digest, May 4 – 10

Stablecoin regulation is “the next catalyst” for the crypto industry and could lead to unprecedented “appetite from institutional investors,” according to Ash Pampati, head of ecosystem at the Aptos Foundation.

In an interview with Cointelegraph at Consensus 2025 in Toronto, Pampati said that “the whole world outside of the United States […] has already jumped onto this [stablecoins],” adding that “the US is […] at the doorstep.”

“I really think about new use cases that can emerge because of the borderless nature of stablecoins, because of the efficiency of the dollar onchain,” he said. “If you’re trying to send money to your friend in Nigeria, why do you have to go through a bunch of hoops?”

Stablecoins are often used to transfer money across borders, as they are easier and cheaper to transfer than traditional finance methods such as wire transfers. They are also used to hedge against fiat currency, which, in emerging markets, can devalue significantly in a short period of time.

Related: Pareto launches synthetic dollar backed by private credit

According to a new survey from Fireblocks, Latin America leads all regions in real-world use of stablecoins, with 71% of respondents saying they use the technology for cross-border payments.

Half of respondents in the region, which encompasses a number of developing countries, say they expect stablecoins to offer lower transaction costs than traditional finance rails.

“I think you will see an amazing appetite from institutional investors […] we can really think, rethink the fintech space across B2B, B2C with fully onchain rails,” Pampati said.

86% of firms ready for stablecoins

According to Fireblocks’ survey, 86% of respondents say that their company shows “infrastructure readiness.” In other words, their companies are ready to adopt stablecoin. In addition, 75% of respondents say they see clear customer demand for stablecoins.

Confidence indicators for stablecoin adoption. Source: Fireblocks

However, regulation still holds a large role in determining adoption. The survey shows that confidence in stablecoins is rising, not only because of the technology but also because regulatory barriers have fallen.

Agencies around the world have sought to regulate stablecoins. The progress has included the European Union’s MiCA regulation, various acts in the United Arab Emirates, and even the United States’ GENIUS Act, which reports indicate has regained some bipartisan support after a failed May 8 vote.

Magazine: Legal Panel: Crypto wanted to overthrow banks, now it’s becoming them in stablecoin fight

Key Takeaways:

Solana formed a megaphone chart pattern with a potential $210 price target.

Solana’s ecosystem growth highlights renewed investor interest with a $4 billion realized cap increase and 731 million transactions.

Solana (SOL) price tested its key resistance at $180 earlier this week, but the altcoin failed to establish a position above the level. Over the past few days, SOL has consolidated above the $170 mark, but prices have dropped 5.65% since May 14.

Including the recent minor dip, Solana has formed a megaphone pattern on the 4-hour chart, a classic technical setup indicating increasing volatility.

Solana 4-hour chart. Source: Cointelegraph/TradingView

The chart illustrates that the megaphone’s upper resistance trendline sits near $185, aligning with immediate resistance at $180. A confirmed breakout above this level could propel SOL toward the pattern’s first target at $210, calculated by measuring the widest part of the pattern and projecting it upward from the breakout point.

If momentum is sustained, the next target will be $210, representing a 21% rally from current prices. A break above $200 would also trigger a psychological level that could attract further buying pressure.

However, it is essential to note that a megaphone pattern can also be bearish. Failure to break $180 may lead to a pullback toward the 100-day exponential moving average (EMA) at $161 or the pattern’s lower support near $150. Volume confirmation on the breakout is a key trigger, as low volume could signal a false move, leading to an immediate reversal of the initial directional bias. 

Related: Solana network and DeFi activity suggest SOL price rally will continue

Solana’s $4 billion realized cap growth and 731 million transactions signal momentum

Solana is experiencing a revival in investor interest, with Glassnode reporting a 4% to 5% rise in 30-day capital inflows, matching XRP’s (XRP) growth. After months of outflows, this trend reversal signals renewed demand in the Solana ecosystem. The realized cap, reflecting a coin’s last transacted value, is up $4 billion to $78.5 billion on May 14, showing SOL’s growing momentum.

Solana realized cap. Source: Glassnode

Data from a Top 7 ICO report further validates Solana’s strong performance, securing its position as the second-ranked blockchain by transactions. Over the past week, Solana processed an impressive 731 million transactions, trailing only Hyperliquid’s 1.79 billion. It significantly outperformed Base, which logged 77.1 million transactions, highlighting Solana’s existing advantage and popularity compared to other chains.

Top blockchain by number of transactions. Source: X.com

Related: Spot Bitcoin ETF inflows fall, but BTC whale activity points to bull market acceleration

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

The slow adoption of stablecoins in Canada has some local crypto industry observers concerned that the country is falling behind.

The Canadian Securities Administrators (CSA) classified stablecoins as “securities and/or derivatives” in December 2022 after the FTX debacle that shook markets and turned many lawmakers against the crypto industry.

Regulating stablecoins as a security has seen few local stablecoin issuers arise, but in the United States and the European Union, softening regulations have seen significant growth in the stablecoin market. This makes Canada, observers say, less competitive with other jurisdictions. 

Of particular concern is the perceived gap in peer-to-peer (P2P) payments in Canada, which stablecoins are uniquely qualified to fill. 

Stablecoins globally have grown significantly over the last five years. Source: DefiLlamaLocal law constrains stablecoin growth and threatens dollar

In 2022, as the crypto market reeled from the collapse of FTX and the implosion of the Terra stablecoin system, regulators worldwide began to look more critically at the crypto space. 

In Canada, the CSA updated regulations for crypto exchanges and brought stablecoins under its purview, classifying them as securities/derivatives. This hasn’t been a popular decision with Canada’s crypto industry.

Morva Rohani, founding managing director of the Canadian Web3 Council, told Cointelegraph that the CSA’s case-by-case basis for considering stablecoin issuers and the lack of a federal framework make for a “patchwork” regulatory regime.

“Canada’s reliance on securities law to regulate payment stablecoins introduces significant legal and operational uncertainty,” she said.

Tanim Rasul, chief operating officer of Canadian crypto exchange NDAX, said that the CSA “got it wrong,” stating that other regulatory frameworks, like the EU’s Markets in Crypto-Assets (MiCA) law, were more appropriate.

“I would just say, look at MiCA, look at the way they’re approaching stablecoins. It’s a payment instrument. It should be regulated as such,” he told a crowd at the Blockchain Futurist Conference in Toronto on May 13. 

It’s not just the EU. Singapore and the UAE have also introduced regulatory frameworks for stablecoins, and US senators are optimistic they will pass a stablecoin law by May 26.

Related: What are the next steps for the US stablecoin bill?

Rohani said Canada is “out of step with leading global jurisdictions […] which have adopted tailored, prudential frameworks that recognize stablecoins as payment instruments.”

This lack of alignment with other, more pro-stablecoin jurisdictions could have negative effects for the Canadian dollar (CAD), some worry.

Som Seif, founder of Canadian investment firm Purpose Financial, said that the proliferation of other major stablecoins, mostly denominated in the US dollar, could threaten the use of the loonie (a nickname for the Canadian dollar) at home.

“If Canada does not create the regulatory framework and environment that encourages the development of CAD stablecoins, consumers and businesses will default to using USD-pegged alternatives, eroding the relevance of CAD in global markets,” he said.

Stablecoins provide cheaper P2P payments but reputation is also a roadblock

Members of the Canadian crypto industry have stated that stablecoins have a role to play in the country as well, given the purported lack of P2P payment networks available in the country.

Speaking to Cointelegraph on May 13, Coinbase Canada CEO Lucas Matheson said, “It’s really important that we have a stablecoin for Canadians.” He said that the only options currently open were wire transfers, which “cost $45 and take 45 minutes of paperwork.”

Rohani said that Interac e-Transfer, a Canadian funds transfer service, “remains the primary domestic P2P rail, operating through banks and credit unions.”

Related: Stablecoins seen as ideal fit for real-time collateral management

Canada does have apps like PayPal and Wise, which support international P2P transfers, but those often come with high commissions and slow settlement times compared to stablecoins.

Rohani said that while some crypto platforms allow for P2P transfers, they’re not widely used due to a lack of integration into mainstream financial services.

Demand for more and different digital payment methods is growing in Canada, according to the 2024 digital payments report from Payments Canada, the owner and operator of Canada’s payment clearing and settlement infrastructure.

But that demand may not translate directly into stablecoins. Crypto’s “journey towards financial integration among Canadians remains a distant prospect,” the report reads. Some 91% of Canadians have never used crypto as a payment. 

Ease of use and security were top priorities for international payment users. Source: Payments Canada

Payments Canada attributes the lack of interest to the assets being perceived as the “least secure payment method among Canadians compared to alternatives such as cash, credit cards, cheques, wire transfers and PayPal.”

Even in the context of a central bank digital currency, which the crypto industry generally regards as a less favorable option to private, fiat-denominated stablecoins, interest just isn’t there. The survey found that 85% of respondents “did not envision themselves using a digital Canadian dollar and preferred their existing payment methods.”

Is PM Carney pro-crypto?

If more tailor-made regulations could integrate stablecoins with the mainstream payment options Canadians are comfortable with, it would still take a concerted effort from policymakers in Ottawa, where the Liberals have just won the federal elections.

The crypto industry had cause for doubt. Liberal Prime Minister Mark Carney has previously expressed skepticism about cryptocurrency. In a speech as Governor of the Bank of England, he said they had failed as money. 

Still, he acknowledged stablecoins have a role to play in retail and wholesale payments. He said in 2021 that stablecoins should have access to central bank balance sheets — but only if strong protections were in place.

“There’s been two systemic crises in money funds in little more than a decade […] In baseball, it’s three strikes and you’re out. In cricket, it’s only the equivalent of one. For systemic payment systems, one is too many,” Carney stated.

Kohani said, “With Mark Carney at the helm of the Liberal Party, we anticipate a pragmatic but regulation-first approach to crypto and stablecoins.”

While his previous openness toward stablecoins suggests he’s open to the technology, he also “emphasizes the need for regulation, oversight and safeguards.”

Another Liberal term, per Kohani, will likely mean the CSA continues to lead enforcement but could result in broader policy work, including a framework on stablecoins, “particularly if positioned as a tool for payments modernization and maintaining the relevance of the Canadian dollar.” Magazine: Danger signs for Bitcoin as retail abandons it to institutions: Sky Wee