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Canada is moving to ban crypto money in politics with Bill C-25, titled the Strong and Free Elections Act.
What's the Scoop?
- Crypto Ban: Proposed in Canada’s House of Commons last month, Bill C-25 passed has passed its second reading, signaling broad agreement among lawmakers with a proposal that seeks to ban all cryptoasset contributions toward any election-related activities. Bill C-25 requires that recipients of illegal donations (including crypto) return them to the sender. If not possible, the donation must be "destroyed," and if this is not possible, the donation must be converted into money and remitted to Canada's Receiver General.
- Identity Concerns: Lawmakers grouped crypto alongside money orders and prepaid cards, citing concerns around transparency and difficulty verifying donor identities. While Canada has technically allowed crypto donations since 2019, CoinDesk reports that no major federal party has publicly accepted crypto and that no contributions have been disclosed in recent elections.
- Advanced to Committee: Having cleared its second reading, Bill C-25 now advances onto the committee phase, where lawmakers will scrutinize its finer details and consider potential amendments before a subsequent vote.
