Cryptos, summer 2025: Perspectives canada vs. UNITED STATES

In this context, at the heart of trade tensions with the United States, and the research of innovation and sustainable growth for Canada, it is important to put these news in perspective.

« CLARITY » Act : The United States in the process of catching up. Therefore, and exceeding Canada

Finally, the United States joins Canadian authorities in Mobilier Value (ACVM) by drawing the way for clear regulation of Crypto market infrastructure. Nevertheless, In our February 2025 post. In addition, we explained that since 2019, any centralized cryptocurrency negotiation platform (commonly known as CTPS) must be authorized to do business in Canada and subject to measures established by ACVM and/or the Canadian Investment Regulatory Organization (OCRI) to ensure:

• Protection and custody of customer assets;
• the financial solidity of the platform;
• the fight against money laundering and the cryptos, summer 2025: perspectives canada financing of terrorism, and
• investor protection.

Since then. In addition, CTPS in the United States have each established certain market operating and monitoring standards, obtained from permits from state (and non-federal) regulators, and most openly claimed a clear and fair regulatory framework for all which protects their users uniformly, whatever the CTP used.

With the Digital Asset Market Clarity Act de 2025 (The Clarity Act). Similarly, the United States finally offers such a regulatory framework, and go further by clarifying the classification of digital assets. Moreover, The Clarity Act thus aims to define clear competence limits between the Securities. However, Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), to impose rigorous compliance standards for CTPS and to offer legal certainty to developers and users.

It is in the development of a clear. complete legal framework for classification of digital assets that we see an opportunity for Canada cryptos, summer 2025: perspectives canada to draw inspiration from our southern neighbors. Indeed. the Clarity Act defines digital assets according to their functions, and distinguishes three categories: digital “amenities”, restricted digital assets and payment stable.

• Digital “amenities” are defined as decentralized digital assets which do not give profit. governance or debt rights with regard to a transmitter. These assets fall under the competence of the CFTC, these are for example Bitcoin (BTC) and Ether (ETH).
  • The Clarity law defines a “decentralized system” as a system in which no affiliated person. group can unilaterally modify the protocol or control its governance and a “decentralized financial negotiation protocol” as a financial application operating on a decentralized system, generally without intermediaries and with a code open source and autonomous.
• Restricted digital assets are defined as a representative of investment contracts or conferring financial rights. They remain under the jurisdiction of the dry. these are cryptos, summer 2025: perspectives canada for example the tokens sold via SAFT distributed by a transmitter during fundraising in the start -up phase.
• Payment stablecoins are defined as digital assets exchangeable for fiduciary currencies. designed to be used as a means of payment or value reserve, generally guaranteed to 1: 1 by US dollars or high -quality liquid assets such as US Treasury Bowers. Under the Clarity Act. these assets may be subject to joint monitoring of the SEC and the CFTC, the main prudential regulations governed by the framework of the Genius law.

“Genius” Act: United States 1-Canada 0

The United States is taking an important lead in a primary field with the National Innovation for US Stablecoins Act (the Genius Act). which establishes a full regulatory framework for the emission and supervision of stablecoins in the United States. In our post of May 9. 2025, we explained that Stablecoins are one of cryptos, summer 2025: perspectives canada the most fundamentally transformative applications of the crypto in 2025 (or even the most transformative).

Unfortunately for the moment. in Canada, the stablecoins are qualified as securities by ACVMS (prospectus regimes and registration as applicable securities broker). A single stablecoin can be legally exchanged on CTPS, and it is backed by the US dollar.

With the Genius Act. the United States has a surveillance model on several levels, prudential standards and confirm that payment stables should not be treated as financial securities or deposits.

While we celebrate the 10th anniversary of Ether. a Canadian invention, we can hope that Canada finds the momentum that has enabled it to be a precursor in 2019 and also has a clear legal regime to the support of technological innovation and user protection, and especially a stablecoin backed by the Canadian dollar.