18th June 2025 > > Stablecoins & Canada.

tl;dr

Yet more stablecoin action. Despite his best efforts otherwise, Mark Carney, Prime Minister of Canada, just can’t get his own way, and we all need to be grateful for that.

Market Snap

Market Wrap

Trump’s thinly veiled threat against the personal safety of the fascistic Mullahs of Iran, none of whom hold any truck with our deeply held beliefs that decry racism, misogyny, and homophobic acts, weighed on yesterday’s price action without really threatening this narrow range we have been in for over a month. Even so, spot BTC ETF flows remained positive which does provide a strong base for supporting the price.

Curious Cryptos’ Commentary – Stablecoins, again

Yesterday, the Senate voted in favour of the GENIUS Act (Guiding and Establishing National Innovation for US Stablecoins) with 68 votes for to 30 against, showing widespread bi-partisan support. This act allows banking regulators in the US to oversee stablecoin issuers who will have to ensure through quarterly audits that the liabilities of the stablecoin are matched at greater than 1:1 with assets comprising cash and short-term treasury bills. There is no room at the inn for so-called algorithmic stablecoins which are all destined to crash and burn one day.

GENIUS now heads to the House of Representatives, where its passage should be smoother, accompanied by howls of anguish from Senator Elizabeth Warren and her ever-diminishing anti-freedom and anti-liberty army.

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Right on cue, J.P. Morgan has filed “JPMD” as a trademark in both the US and Hong Kong.

That “D” is highly suggestive of a potential JPM dollar stablecoin, compliant with the new rules of GENIUS. The stablecoin space is gearing up for explosive action, a development likely to lead to billions of people using cryptos without even knowing it.

Crypto adoption is happening in any and every direction you may care to look.

Curious Cryptos’ Commentary – Canada Part I

Despite his recent, and admittedly, stunning political victory to become the Prime Minister of Canada, Mark Carney’s influence is probably less than he expected.

Carney was the very worst Governor of the Bank of England, until his successor, the hapless Andrew Bailey, rocked up with his inability to understand finance, or the way that markets work in general, or just life really. I mean, try having a conversation with him – there is only one person in the room, and it isn’t him.

I have it on good authority that not only was Carney relieved at the appallingly low quality of his successor, but he was instrumental in making it so, to help cover up his own inadequacies. To be fair, despite my pressing him on this issue, he has not yet conceded that point, so it remains mere gossip for now.

Carney is the living embodiment of the truism that politicians feel obliged to lie. As the leading representative of the so-called Liberal Party in Canada, here is a choice quote or two which fundamentally tells us the measure of the man. And boy, he is found wanting:

“The most likely future of money is a central bank stablecoin, known as a central bank digital currency or CBDC.”

Yep, that instrument of choice for dictators, liberty deniers, and privacy haters, the CBDC is also the instrument of choice for Carney. I don’t think there was ever any doubt that he would be all over CBDCs, but there you have it in black and white. If you want to get really scared about his ambitions, then you should know that whilst at the Bank of England he was the lead in promoting a sterling CBDC, that he has spent some time recently co-chairing a working group on CBDC’s with Convicted Criminal Christine Lagarde, and headed an initiative with six other central banks in an attempt to co-ordinate a combined launch for this tool of oppression.

You may recall that the reason why Carney is now the PM of Canada is that Justin Blackface Trudeau’s downfall started with his illegal and immoral suppression of the Freedom Convoy, freezing truckers’ bank accounts, and threatening them with lengthy prison sentences.

Carney couldn’t get enough of it:

“Those who are still helping to extend this occupation must be identified and punished to the full force of the law. Drawing the line means choking off the money that financed this occupation.”

To this day, Carney mistakenly remains a supporter of Trudeau’s actions at the time. Chillingly, he identifies CBDCs as a means to the same end, and believes this is a good and wholesome outcome:

“With fear on the march, people were willing to surrender to Hobbes’ ‘Leviathan’ such basic rights as the freedom to leave their homes. And so, it is with money. People will support the delegation to independent central banks of the tough decisions that are necessary to maintain the value of money provided the authorities deliver monetary and financial stability.”

That is some of the scariest stuff I have ever come across. Carney is a very, very dangerous man.

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Carney’s desire for total control and manipulation of us mere plebs ranks as highly as the murderous and corrupt heads of Russia, China, and Iran: Putin, Xi and the fascistic Mullahs. His main regret is that Canada – despite his best efforts otherwise – remains a liberal democracy. We must hope he fails.

Curious Cryptos’ Commentary – Canada Part II

And fail he will, for the good people of Canada will not accept his illiberalism. And this next story is just the latest example of that.

Canada was very much first in the queue to approve spot BTC ETFs in what now feels like the distant past all the way back in 2021. As of today, a spot XRP ETF will start trading on the Toronto Stock Exchange, much to Carney’s disapproval and dismay. Vlad Tasevski, Chief Innovation Officer at Purpose Investments, the issuer of the ETF, explains:

“We’re proud to continue pushing the boundaries of what’s possible in the space by offering investors simple, secure access to the infrastructure powering real-world blockchain adoption.”

Where Canada leads, the US follows. A spot XRP (and SOL) ETF in the US might just fire the starting gun on the next alt season.

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The CCC remains fiercely apolitical, and also fair in every sense of the word. So, I do think we should give Carney respect and admiration for proving in 2016 that central bankers are beholden to their political masters, and can never claim to be independent. I am not sure he is proud of this fact, but for generations to come, his honesty about this one true confession of his will help to slightly, oh so very slightly, diminish the stains on his reputation.