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Cryptocurrency bill from Michelle Rempel Garner defeated

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A private lawmaker bill by Conservative MP Michelle Lempel Garner, calling for a national framework to foster growth in the cryptocurrency sector, was rejected in the House of Commons on Wednesday.

The bill was defeated on the second reading by a vote of 199 to 119. This means not moving forward for further research or discussion. Conservative Party leader Pierre Polivre and his caucuses voted in favor of moving the bill forward, as did several Liberal MPs and independents.

Bill C-249 — Entitled “Act on Encouraging the Growth of the Crypto-Asset Sector,” the bill instructs Finance Minister Chrystia Freeland to “develop a national framework to encourage the growth of the crypto-asset sector.” I asked for


5 page bill He also asked the government to consult those working in the sector when developing this framework.

“Crypto assets have great economic and transformative potential for Canada,” Lempel Garner said, adding that the federal crypto I was looking for a sector policy.

The bill has become something of a lightning rod in the House of Representatives, as Polivre’s controversial comments on cryptocurrencies in the party’s leadership race have gained more attention.

Debates on Monday’s bill set clear lines as Liberal, NDP and Bloc Quebec MPs voiced their opposition to the legislation while repeatedly referring to Poilievre’s promotion of cryptocurrencies.

“I am a little surprised that the Conservative Party has legislation dealing with cryptocurrencies. Members can remember that,” Liberal MP Kevin Lamoure said. “Imagine… people who listened to the Conservative leader and invested in crypto… would have lost more than 60%.”

Block Quebec MP Maxime Blanchett called the sector “more ideological than fact driven” and said, “It’s no secret that the new leader of the Canadian Conservative Party dreams of bitcoin and other cryptocurrency fantasies at night. is a fact.

“As decision makers, there are still many issues on which we need to act cautiously and diligently on this matter. The first issue, of course, is the still very high and often unexplained volatility of cryptocurrencies,” said Blanchett. Stated. “Unlike the Conservative Party leader and his party members who seem to see crypto through rose-tinted glasses, Brock Quebec prefers to focus on transparency and responsibility.”

NDP MP Charlie Angus suggests that some of the federal government’s NDP-backed inflation and affordability-focused spending measures, such as doubling the GST tax credit, will ‘evaporate’. I noticed Polivre’s comment on this.On the flip side, Angus recently Collapse of the FTX cryptocurrency exchangebillions “evaporated”.

“Before you start promoting this kind of shady financial hoax, you should ask what rules are in place to protect people and their savings and to have proper oversight. Be accountable.” ‘” Angus continued, thanking Lempel Garner for his willingness to move forward with discussions about building a framework for the sector.

Trying to defend her proposal, Rempel Garner closed the debate, expressing frustration at how the topic had become politicized. I argued that it was to pursue.

“When Bernie Madoff ran the Ponzi scheme, we didn’t try to ban emails and phone calls because he used them to lure victims. We didn’t try to denigrate the entire investment services industry for villains, we tried to educate people not to be lured into schemes, this sector so important to our economy , can continue to grow,” she said. “I don’t want to look back on this discussion in 10 years and say it was a missed opportunity.”

In the 2023 federal budget, the federal government pledges to begin consultations on cryptocurrencies, acknowledging growing interest in the potential future of the sector, and stating the stability and security of the digitization of money. I worked on

In its Fall Economic Update, Freeland announced that these talks have begun in the first phase of its review aimed at digital currencies, including cryptocurrencies, stablecoins and central bank digital currencies.

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