Canada eyes new stablecoin rules in upcoming budget, aiming to modernize payments and follow the US GENIUS Act’s regulatory example. The Canadian federal government is reportedly preparing new rules for stablecoins, with an update potentially coming in next week’s federal budget, signaling that more countries may follow the United States’ lead after the landmark passage of the GENIUS Act. Citing people familiar with the discussions, Bloomberg reported Monday that government officials have been meeting with regulators and industry stakeholders for several weeks. The update on stablecoin regulation could be unveiled as early as Nov. 4, when Finance Minister François-Philippe Champagne presents the federal budget. Canada lacks a comprehensive legal framework for stablecoins, though regulators have previously indicated that certain tokens could qualify as securities or derivatives under existing laws. Read more
United States President Donald Trump said on Thursday all trade talks with Canada were terminated following what he called a fraudulent advertisement in which former and late president Ronald Reagan spoke negatively about tariffs. Trump imposed tariffs on Canadian steel, aluminum and autos earlier this year, prompting Ottawa to respond in kind. The two sides have been in talks for weeks on a potential deal for the steel and aluminum sectors. “Based on their egregious behavior, ALL TRADE NEGOTIATIONS WITH CANADA ARE HEREBY TERMINATED,” Trump wrote on Truth Social. Ontario Premier Doug Ford said earlier this week the ad from his province with anti-tariff messaging had caught Trump’s attention. The ad showed Reagan, a Republican, criticising tariffs on foreign goods while saying they caused job losses and trade wars. “I heard that the president heard our ad. I’m sure he wasn’t too happy,” Ford said on Tuesday. The Ronald Reagan Presidential Foundation issued a statement late on Thursday saying the ad by the gove...
Ron Morrow, head of payments at Canada’s central bank, called on regulators to pass a framework for stablecoins or be left behind. Canada’s central bank is calling for the country to establish a stablecoin regulatory framework to modernize the payment system and avoid falling behind other countries that are moving forward with such policies. “Even if you’re on the right track, you’ll get run over if you sit there,” Ron Morrow, the executive director of payments, supervision and oversight at the Bank of Canada, said in a speech Thursday at the Chartered Professional Accountants conference in Ottawa, Canada, a transcript of which was published on the central bank’s website. Morrow called on federal and provincial regulators to create a policy framework for stablecoins. “At the end of the day, for stablecoins to be seen as money, they need to be as safe and stable as the balance in your bank account,” Morrow said, adding: Read more