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Crypto Corner Podcast 779: Ontario Securities Commission Reports Tweets from CEOs of Coinbase (NasdaqGS: $COIN) and Kraken Critiquing the Canadian Government’s Emergencies Act to the Country’s Law Enforcement

Vancouver, Kelowna, Delta, BC – February 22, 2022 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news brings you today’s edition of the Crypto Corner podcast and commentary on what’s driving cryptocurrency stocks and the crypto market.

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Crypto Corner Podcast 779: Ontario Securities Commission Reports Tweets from CEOs of Coinbase (NasdaqGS: $COIN) and Kraken Critiquing the Canadian Government’s Emergencies Act to the Country’s Law Enforcement

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Stocks discussed: (NasdaqGS:COIN)

Canadian publication the Regina Leader-Post has reported that the Ontario Securities Commission (OSC) has reported tweets from the CEOs of crypto exchange giants Coinbase (NasdaqGS:COIN) and Kraken to Canadian law enforcement agencies. The tweets are aimed at participants of Canada’s “trucker’s protest” – a convoy of truck drivers with thousands of supporters which aims to end COVID-19 mandates through the occupation of the country’s capital city Ottawa. The tweets appeared to offer advice to those involved in the protest who may be subject to moves from the Canadian government to freeze their bank accounts and crypto addresses. These measures were enacted as part of the government’s invocation of the anti-terrorist Emergencies Act. One tweet, from Coinbase CEO Brian Armstrong, reads:

Concerning to see stuff like this happening in any country, especially such an economically free place like Canada. Self-custodial wallets are important! -> https://coinbase.com/wallet

The tweet from Kraken CEO Jesse Powell, responds to a tweet from Nayib Bukele, President of El Salvador (where Bitcoin (BTC) has been adopted as an official currency) which reads:

Are these the people who like to give lessons to other countries about democracy and freedom? This is one of the top ranking countries in the “democracy index”? Your credibility on these topics is now worth 0.

Powell replied:

“captured” being the key word. Crowdfunding platforms now regulated under the Canadian Terrorist Financing Act. Do you see where this is going? Please do not fund causes directly from custodial wallets. I’m sure freeze orders are coming. Withdraw to non-custodial before sending.

An excerpt from the Leader-Post outlines what the Emergencies Act entails:

The emergency orders announced Monday require a broad range of financial players, including cryptocurrency-trading platforms, to continuously monitor for any activity related to “designated persons” and report it to law enforcement and the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) if they find it. The definition of “designated persons” includes those who “use, collect, provide, make available, or invite a person to provide” property in support of the protesters.

Both Kraken and Coinbase are registered with FINTRAC, the body tasked with policing crypto, which perhaps puts their CEOs’ critical stances at odds with the broader aims of companies in the crypto space to gain more institutional acceptance. Conversely, Canada’s draconian measures may make the country a less desirable place for investors and fast-growing companies like Coinbase and Kraken to do business.

It bears mentioning that the Emergencies Act was ostensibly enacted, and for the first time in Canada’s history, to remove blockades at key points in the country’s southern border with the United States. Though these blockades have now been removed, Canadian Prime Minister Justin Trudeau has announced the continuation of the Act until further notice.

Sam Mowers, Investorideas

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