Coinbase, Kraken, Wealthsimple, WonderFi among those urging CSA to reconsider crackdown on fiat-backed stablecoins.
In a recent letter, a broad swath of cryptocurrency players operating in Canada have called on the Canadian Securities Administrators (CSA) to rethink its approach to regulating fiat-backed stablecoins.
The February 5 letter, which has been signed by 21 businesses and nonprofits that use such tokens, argues that the CSA, Canada’s umbrella markets regulator, should develop stablecoin rules in concert with industry stakeholders and the federal government. Its signatories include the Canadian Web3 Council, American crypto exchanges Coinbase and Kraken, and local counterparts Wealthsimple and WonderFi.
This marks the Canadian crypto sector’s second joint letter taking issue with Canadian securities regulators’ plans to treat stablecoins as securities or derivatives—and it…
