Stand With Crypto, an advocacy group instrumental in US election successes, has expanded its efforts to Canada. The organization aims to mobilize grassroots support rather than endorse candidates, a strategy tailored to Canada’s strict political donation regulations.
Challenges and opportunities
Canada’s crypto industry faces hurdles, including stringent regulations introduced in 2023 by the Canadian Securities Administrators. These rules limit the trading of stablecoins and require extensive pre-registration filings for platforms. The regulations have driven companies like Binance and Bybit to exit Canada, with others, including Gemini, planning to follow.
Sophia Cote, head of public policy at Shakepay Inc., emphasized Canada’s evolving regulatory landscape: “For a long time, Canada was quite ahead when it came to crypto regulation. But I think we’ve now reached a very interesting critical juncture where there are still some areas where we have not yet decided how we want to proceed.”
Despite the regulatory challenges, advocates are pushing for reforms, such as integrating crypto into retirement savings plans and tax-free savings accounts, and ensuring the sector plays a role in open banking.
Looking ahead
The next federal election, due by October 2025, could present an opportunity for the crypto industry to amplify its message. With Prime Minister Justin Trudeau’s minority government at risk of being toppled by a no-confidence vote, an early election is possible, Bloomberg noted.
