Canada is gearing up for a pivotal election next week, where voters will weigh in on significant issues such as the economy, housing, and trade relations with the United States. This democratic process will determine the elected officials who will subsequently choose the next Prime Minister of the country.

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Canada’s Top Choices

The Narrative

Interestingly, cryptocurrency is not a primary focus in this year’s Canadian election. Although neither leading Prime Minister candidate has campaigned on digital assets, their past discussions provide some insights into their viewpoints on the matter.

Why It Matters

Canada has experienced notable challenges in the cryptocurrency sector, including the infamous collapses of significant crypto exchanges in recent years. These events have prompted provincial regulators to consider the implementation of protective measures for the digital asset industry. While companies like Coinbase advocate for proactive policies, including the establishment of a government task force focused on cryptocurrency, the leading candidates for Prime Minister appear more concerned with pressing issues like U.S. relations, trade, housing, and the economy.

Breaking It Down

As Canadians prepare to vote next Monday, they will choose their Member of Parliament, with the party securing the majority of seats set to form the new government, ultimately leading to the selection of the new Prime Minister.

Currently, the Conservative Party, led by Pierre Poilievre, has maintained a solid lead in polling averages. However, the Liberal Party has witnessed a dramatic rise in popularity following announcements of tariffs with Canada by U.S. President Donald Trump. Under the leadership of Mark Carney, who recently took over from former Prime Minister Justin Trudeau, the Liberal Party has gained a significant edge, as reflected in various polling data.

Pierre Poilievre

Poilievre, a long-time advocate for Bitcoin and blockchain technologies, has positioned himself prominently in the Conservative Party since September 2022, reportedly even investing in a Bitcoin exchange-traded fund (ETF). He previously pledged to make Canada the “blockchain and crypto capital of the world,” emphasizing the need to decentralize financial control from politicians and banks to the public.

Adding a personal touch, he has publicly used bitcoin to make transactions at local establishments. Poilievre actively supported the truckers’ protests in early 2022 against vaccine mandates, amidst a government attempt to freeze financial support for protestors, including measures affecting their cryptocurrency wallets.

Although he has distanced himself from high-profile discussions on cryptocurrency following the collapse of FTX, his statement about Bitcoin being an essential asset and opposition to the Central Bank of Canada’s research into a central bank digital currency continues to resonate with supporters of the industry.

Mark Carney

Carney, who has served as the head of both the Bank of Canada and the Bank of England, remains less vocal about Bitcoin but has previously highlighted potential issues surrounding digital assets. His caution regarding cryptocurrencies emphasizes their limited usefulness and speculative nature, but he acknowledges the innovative potential of their underlying technologies.

While Carney has expressed concerns over the challenges that digital assets face regarding adoption, he views the core technology as a catalyst for transforming financial systems and endorses integrating cryptocurrencies into regulatory frameworks, keeping in mind broader societal implications.

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This Week

Friday

• 17:00 UTC (1:00 p.m. ET) The U.S. Securities and Exchange Commission will hold their latest crypto roundtable, focusing specifically on custody issues.

Elsewhere:

• (The New York Times) Defense Secretary Pete Hegseth participated in another group chat revealing details about a planned military strike in Yemen.
• (Reuters) The Federal Deposit Insurance Corporation plans to lay off approximately 1,250 employees.
• (AP News) The Consumer Financial Protection Bureau has paused plans to lay off 1,500 employees due to a legal ruling.
• (The New York Times) Senator Chris Van Hollen recently met with an individual wrongfully imprisoned by the El Salvador administration.

If you have thoughts or questions regarding what topics I should cover next week or any feedback you would like to share, feel free to email me at [email protected] or connect with me on Bluesky @nikhileshde.bsky.social.

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See you next week!