- Galaxy Digital, DeFi Technologies move to U.S. exchanges; JPMorgan’s $100B tokenization blends finance with blockchain efficiency.
- U.S. relaxed crypto rules under Trump, SEC formed Crypto Task Force; stalled stablecoin bill reflects bipartisan challenges.
Canada established anti-money laundering rules for cryptocurrencies in 2014, positioning itself as a pioneer in blockchain regulation. This clarity helped Toronto grow into a blockchain innovation center, attracting firms like Galaxy Digital, which chose to list on the Toronto Stock Exchange due to U.S. regulatory hurdles.
Robinhood’s recent $180 million acquisition of Canadian crypto platform WonderFi underscores confidence in Canada’s market, projected to reach 30 million users and $900 million in revenue by 2025.
Galaxy Digital, founded by Mike Novogratz, will debut on Nasdaq after U.S. spot Bitcoin ETF approvals, signaling renewed market access. Similarly, DeFi Technologies, a Canadian firm focused on Solana, plans a U.S. listing, reflecting a trend of companies transitioning from Toronto to U.S. exchanges. At the Consensus 2025 conference in Toronto, JPMorgan and Ondo Finance unveiled a $100 billion initiative to tokenize assets, blending traditional finance with blockchain efficiency.
Under the Trump administration, U.S. agencies eased crypto restrictions. The Federal Reserve and FDIC relaxed bank crypto rules, while the SEC rescinded a policy requiring firms to list client crypto holdings as liabilities. A new SEC Crypto Task Force seeks industry input, marking a shift from past adversarial approaches.
Chairman Paul Atkins gave the keynote address at today’s Crypto Task Force roundtable on tokenization: https://t.co/OwuTUziS3R pic.twitter.com/cFthndObOS
— U.S. Securities and Exchange Commission (@SECGov) May 12, 2025
However, a stablecoin regulation bill stalled in Congress amid bipartisan concerns, highlighting lingering challenges.
Mastercard partnered with Moonpay to enable stablecoin transactions via debit cards, while PayPal integrated AI-driven shopping with crypto payments. Jose Fernandez da Ponte of PayPal emphasized making crypto accessible through platforms like Venmo, aiming to onboard mainstream users. Robinhood plans to tokenize traditional assets, envisioning instant trading of stocks and real estate on blockchain networks.
Despite progress, U.S. crypto firms face hurdles, including political scrutiny over President Trump’s crypto ties. Meanwhile, eToro’s successful Nasdaq debut, with shares rising 29%, signals investor appetite. Pantera Capital’s CEO Dan Morehead predicts a wave of U.S. crypto listings as regulatory hostility wanes.
