Finance committee  Sorry. Go on.

Finance committee  If I may, I'll quickly give a brief, concrete example of that.

Finance committee  In Canada, currently, all of our platforms, like ours and like Wealthsimple's, are becoming regulated. Much of that regulation falls under existing securities law, so it puts a lot of the applications in the Web3 decentralized finance world. That's somewhat out of our reach, because a lot of them would be classified as securities; therefore, there's a long and onerous approval process in order to offer them to Canadians.

Finance committee  I think that hits the nail on the head. What we would love to see, as an industry, is a broader set of federal policies and perhaps some legislation that really makes Canada the place for companies that want to invest in this space, who want to do it legally and safely, and with concern even for the safety of investors that this is the best country to do it in.

Finance committee  Blair can speak to some of the more legal aspects but, in general, the industry needs to do better at forming associations to advocate for certain policy. I also think there could be new federal legislation. A lot of the existing regulation that's happening right now under the various securities commissions provincially is based on shoehorning existing securities law.

Finance committee  I'm not sure I would be able to say, but I will say that, in general, we've seen a lot of tools that exist for following the process through. I'm not really sure. I'm not really qualified to say. But I think there are a lot of existing processes and mechanisms that can be used for those types of circumstances.

Finance committee  I couldn't say for sure whether there's been a change in behaviour. We haven't really extensively studied that. I should clarify or maybe emphasize the fact that even if someone has Bitcoin in a self-hosted wallet, you can still, through the regular court process, seize that wallet.

Finance committee  That's correct.

Finance committee  I can speak to the impact of measures that might affect someone's ability to actually interact with the financial system. For me and my company, it's a very personal thing. Back in 2019 we were de-risked from a Big Six bank. They basically said we hadn't done anything wrong; they just didn't like our industry, even though it's legal.

Finance committee  I think any time companies like ours are, for example, seeking investment and going to markets beyond Canada, which is very common for tech companies like ours, the reputation of the country as a stable jurisdiction in which to invest, where property will be protected and there's due process, etc., is a really crucial consideration.

Finance committee  That's nothing something I am really familiar with.

Finance committee  Yes. That's a fair point. Go ahead. I'm sorry.

Finance committee  That's right, and similarly for us, we didn't see anything of significance. I can't speak more broadly, but through our platform, we didn't see very much.

Finance committee  It was a similar situation for us. We did block a small number of transactions after we received that information, but I couldn't tell you involving exactly how much. It wasn't a particularly large amount.

Finance committee  I would concur with that. I'm speaking on behalf of the industry, but I think it is broadly true that we would like to have more direct contact in general on this and other issues. Something we see a lot, on which we would love to be able to coordinate more, is combatting fraud.