Lynn Johannson, Advisor, Sustainability and ESG
January 4th, 2024
Lynn Johannson, President of E2 Management Corporation and Catalyst for THE Collaboration
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U.S. Senate Moves to Regulate Stablecoins
Regulation | March 14, 2025
Image courtesy of AI
GENIUS Act Passes Senate Banking Committee, Stablecoin Rules Are Coming
On February 4, 2025, Senator Bill Hagerty introduced the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act) based on the discussion draft he released in October 2024. Yesterday, the GENIUS Act received approval from the Senate Banking Committee with a bipartisan 18-6 vote count, highlighting the massive shift in how Washington currently views crypto (and financial innovation).
See: Stablecoins Are Growing Faster Than You Think
While stablecoins have been part of the crypto economy for a long time, this legislation could integrate them broadly into the financial system in a way that would provide clarity for issuers (big and small), investors and institutions. Now the bill must face a full Senate vote, and some lawmakers like Senator Elizabeth Warren are pushing for changes before the final vote to introduce some revisions that strengthen rules before moving forward.
Key Provisions of the GENIUS Act
The GENIUS Act introduces clear rules for companies that issue stablecoins, ensuring they operate in a safe and transparent way. The bill lays out requirements for licensing, reserve requirements, and consumer protections.
Stablecoin issuers will need to register with either federal or state regulators (similar to how banks operate). Large issuers with more than $10 billion in circulation will be supervised by the Federal Reserve and the Office of the Comptroller of the Currency (OCC) while smaller stablecoin issuers can operate under state regulators.
To ensure stablecoins are in fact financially stable, issuers must hold safe assets such as the U.S. dollar, Treasury bills or highly liquid reserves equal to the full value of the stablecoins they issue. This requirement is to prevent collapses like the Terra-Luna crash that wiped out billions in investor funds.
Companies must also publish monthly reports on their reserves, agree to independent audits, and provide clear redemption policies so customers know how they can cash out from their stablecoins. Stablecoins must be redeemable upon request without delays or refusing payouts. Regulators will have the authority to suspend licenses for companies that fail to follow thee rules.
Senator Warren Calls for Tougher Regulations
While the bill has bipartisan support, several lawmakers including Senator Elizabeth Warren have warned that without changes, the bill could have serious risks:
- Fails to prevent illegal activity since the bill doesn't go far enough in blocking sanctioned nations like Iran or North Korea from using stablecoins to move money
- Create new financial risks without stronger safeguards (i.e., stablecoin issuers could invest in very risky assets that could lead to instability)
- Allow big tech to control money - giants like Amazon or Musk's X could issue their own stablecoins, effectively creating private currencies
What Comes Next?
The GENIUS Act is now set for a vote in the full U.S. Senate. If it passes, it will move to the House of Representatives where lawmakers will need to combine it with the House’s own stablecoin bill, the STABLE Act, to create a single version. If both the Senate and House agree on a final version, the bill will go to President Trump for approval. Lawmakers are hoping to finalize everything by April.
Implications for Fintech Canada
The United States is making progress in setting clear rules for stablecoins but Canada’s approach still remains uncertain. If U.S. banks start using stablecoins widely, it could put pressure on Canadian regulators to develop similar guidelines.
See: UK Overhauls Payment Oversight – Should Canada Follow?
Canadian crypto companies that want to do business in the U.S. will need to follow these new rules if they want access to the American market. If stablecoins become a common part of traditional finance, they could change the way cross-border payments work, pushing Canada to update its policies to stay competitive.
Bottom Line
Stablecoin regulation is no longer theoretical, it's happening and Canada will need to decide how to adapt.
The National Crowdfunding & Fintech Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with fintech, alternative finance, blockchain, cryptocurrency, crowdfunding and online investing stakeholders globally. NCFA Canada provides education, research, industry stewardship, services, and networking opportunities to thousands of members and subscribers and works closely with industry, government, academia, community and eco-system partners and affiliates to create a strong and vibrant crowdfunding and fintech industry. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Funding | April 10, 2025 Regulation Crowdfunding Markets Show Tariffs Straining Innovation Economy Regulation Crowdfunding (RegCF) has proven to be a resilient market for early stage entrepreneurs and investors alike. When uncertainty strikes, it's often traditional venture capital that pulls back, while the community-driven model continues to offer early stage start-ups access to capital allowing them to innovate. However, just in from Sherwood (Woodie) Neiss, NCFA Advisor and Principal at Crowdfund Capital Advisors, data shows that tariffs are starting to strain RegCF markets - from March 10 to April 9, 2025: RegCF investment volumes declined by 24% (yoy) to just $57.48 million New campaign launches dropped over 40% Number of investor checks also declined by 15% Average capital raise size dropped to $720,000 (from $1.2 million) Sherwood Neiss, Principal at Crowdfund Capital Advisors: “We’re seeing the first real signs of pullback in what has otherwise been a resilient funding ecosystem. The numbers tell a story not of panic, but of pause. Investors and issuers alike are waiting for clarity—on costs, on policy, and on risk.” Tariffs Introduce New Risks for Early-Stage Companies In a volatile environment where U.S. tariffs are levied one day, and then paused the next, founders must now face ...
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Funding | April 9, 2025 Toronto’s Tailscale Secures $230M and $2B Valuation for Identity-First Networking On April 8 2025, Toronto-based Tailscale announced that they raised $230 million CAD Series C (about $160 million USD), valuing the company at approx $2 billion CAD. The round was made up of U.S. investors, led by Accel, CRV, Insight Partners, Heavybit, and Uncork Capital, along with some prominent individual investors notably George Kurtz CEO of CrowdStrike (returning investor) and Anthony Casalena CEO of Squarespace. New funds will be used to grow product and engineering teams, expand globally, and improved support for fast scaling customers. Tailscale - A Shift from IP Addresses to Identity Tailscale was founded in 2019 by former Google engineers Avery Pennarun, David Crawshaw, David Carney, and Brad Fitzpatrick, and officially launched in April 2020 to help users connect devices and apps securely without relying on traditional VPNs, IP rules, or firewalls. Tailscale uses a technology called WireGuard which is easy to setup and lets devices connect directly to each other, safely and privately. What's unique about Tailscale is its approach to solving networking challenges. Instead of relying on where a device is located (IP address), it focuses on who or what is connecting. This ...
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