By Nathan Ferguson
A couple of tweets from Brian Armstrong (the CEO of Coinbase), as well as Jesse Powell (the CEO of Kraken), have been marked on the behalf of the Securities Commission of Ontario to be worth investigating. The executives commented on the utilization of non-custodial wallets of cryptocurrency.
The OSC (Ontario Securities Commission) reportedly mentioned the respective tweets as they call for the law enforcement organizations to enhance the financial surveillance actions implemented under the Emergency Act which has been invoked recently on the behalf of the Canadian prime minister Justin Trudeau.
The decision of OSC to report the respective tweets has resulted from its consideration that the executives provided advice for the evasion of constraints over funding. Armstrong cited the Canadian developments and stated that the self-custodial wallets have a lot of significance, whereas Powell suggested that the investors should shift their assets to some non-custodial wallets. The Emergency Act has been implemented to block the funding of trucker protestors by the crypto venues.
According to the law, it imposed Terrorist Financing Act over the crypto-related companies to regulate them. The respective step attracted severe criticism on the behalf of a few people, categorizing this to be undemocratic. The Canadian truckers’ protest called Freedom Convoy has become a part of news headlines throughout the world and the government of Trudeau has since been devising ways to tackle the situation. The move is extraordinary to have frozen the accounts of people being allegedly engaged in the protest.
Crypto considered being a protector
Among the astonishing reports was that the Canadian authorities may take financial surveillance actions permanently. Chrystia (the Finance Minister of Canada) asserted the same in her statements. The protestors as well as the people influenced by the measured of the authorities have found protection of their holdings in crypto. The asset class is known to be a shield from the access of the government.
Formerly, Jesse Powell (the CEO of Kraken) elaborated that the authorities might force the crypto exchange to freeze the assets under its custody without having a directive from the judiciary. In that situation, he added, Kraken would have no chance but to comply with. Thus, he advised, the residents should withdraw their funds from centralized institutions and move towards decentralized ones to be secure.