> Crypto.com’s decision to delist Tether follows regulatory clarification from the Canadian Standards Association (CSA) in December. The update was posted to the Ontario Securities Commission’s website.
Official Guidance CSA: https://www.osc.ca/en/news-events/news/csa-provides-update-c...
Canadian Standards Association deals with things like helmets and electrical product safety.
> the CSA is of the view that stablecoins, or stablecoin arrangements, may constitute securities and/or derivatives. Crypto trading platforms that are registered or that have entered into a pre-registration undertaking are reminded that they are prohibited from permitting Canadian clients to trade, or obtain exposure to, any crypto asset that is itself a security and/or a derivative.
Logically Crypto.com's action:
> any remaining USDT balances would “automatically” be converted to Circle’s USD Coin, another stablecoin that tracks the price of the dollar.
Does not follow from the CSA's stated position:
> the CSA is of the view that stablecoins, or stablecoin arrangements, may constitute securities and/or derivatives
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Why are they willing and able to have customers with USDC balances, but not USDT? Based on the CSA's position, wouldn't they want to delist all stablecoins?
Ontario’s securities regulator is on par with the toughest state securities regulators in America. They also have cross-border powers that lends them the jurisdictional heft of the American financial system.