Thank you very much.
Ms. Oliver, I'd like to talk about stablecoins. The government has tabled a framework bill on the matter, and now the question is whether stablecoins should be regulated by the provincial regulatory authorities or the federal government.
From what I understand—and I'd like to know if I'm right—payment tools fall under federal jurisdiction and securities fall under the jurisdiction of Quebec and the other provinces. Some of the criteria that allow us to determine whether we're talking about a security include whether there's a return and the possible speculative nature of the instrument. This means if a stablecoin generates a return or is speculative, such as the Bitcoin, it must be regulated by the provinces.
The federal framework is explicit: There cannot be a return. That implies the provinces must regulate stablecoins if there's a return, but since stablecoins are backed by assets that generate a return, that raises concerns. That's a long question, but I really want to know if I understand correctly.
How can we develop these payment tools while ensuring they can generate a certain return, even if the return is predictable, stable and risk-free, while respecting provincial jurisdictions?