Forbes - 🚨 Canada's crypto emergency

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	Good Tuesday morning. Billy Bambrough here with what's driving the day in the world of bitcoin and crypto. 📧 Thank you for reading CryptoCodex! I’d love to hear your feedback, ideas and tips. Email me directly at billy@billybambrough.com.


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	Cryptocurrency prices are surging this morning as the stock market gave investors whiplash yesterday amid rising tensions between Russia and Ukraine—with some suggesting bitcoin is again acting as a safe haven. The bitcoin price is up 5% on this time yesterday, soaring toward the psychological $50,000 level. Meanwhile, ethereum has rocketed 8% with rivals solana and avalanche leading the major market higher with a 11% and 13% respective gain. Meanwhile, gala, the eponymous token for Gala Games, has surged 20% in the last 24 hours after the company announced a $5 billion investment plan. Coindesk has a write-up. Now read this: Here’s the outlook for bitcoin as geopolitical tensions heat up and interest rates rise

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Canada PM goes to war with crypto ⚔️



	Canada's Prime Minister Justin Trudeau has invoked rarely-used emergency powers to bring an end to trucker-led protests over vaccine mandates AFP via Getty Images

Crypto use case: Bitcoin and cryptocurrencies have finally found their killer use case and it's the same one bitcoin was used for ten years ago—doing stuff the government doesn't want you to. Yesterday, Canada's prime minister Justin Trudeau invoked the country’s Emergency Act for the first time in a response to continuing blockades against vaccine mandates and Covid-19 restrictions. The legislation includes an expansion of money-laundering laws to include crowdfunding platforms and cryptocurrency transactions.

Ramping up: "It is now clear that there are serious challenges to law enforcement‘s ability to effectively enforce the law," Trudeau said during a press conference on Monday. "The consequences on their lives, for choosing to continue to endanger the lives and livelihoods of other Canadians, to continue to violate our laws, are going to be more and more extensive. The blockades are harming our economy and endangering public safety. We cannot and will not allow illegal and dangerous activities to continue." Though the Emergencies Act allows for the military to be called in, Trudeau said he has no plans to do so for now.

Why it matters: Speaking alongside Trudeau, deputy prime minister Chrystia Freeland said banks can immediately freeze or suspend bank accounts without a court order and without fear of civil liability. "These changes cover all forms of transactions including digital assets such as cryptocurrencies," said Freeland. "The illegal blockades have highlighted the fact that crowdfunding platforms and some of the payment service providers they use are not fully captured under the Proceeds of Crime and Terrorist Financing Act."

Running tally: GoFundMe last week took down a page accepting donations in support of Canada's protesting truck drivers and said it would refund all donations. A bitcoin fund was set up via Tallycoin and reportedly raised more than 20 bitcoin worth almost $1 million, however, organizers have shut down the fundraising page, and are asking for all to "stay tuned" for updates.

Just last week... A Canadian lawmaker called on Trudeau’s government to start taking cryptocurrency seriously, recommending his finance minister begin setting up a national framework to woo investors, it was reported by Bloomberg. Michelle Rempel Garner said Canada "should be attracting billions of dollars of investment in this fast-growing industry," it’s instead losing talent to the U.S. and Europe.

Over the border... U.S. regulators are meanwhile getting serious about crypto rules and regs. Cryptocurrency company BlockFi, backed by Silicon Valley investor Peter Thiel, announced yesterday it has agreed to pay $100 million to the U.S. Securities and Exchange Commission (SEC) and several states to settle charges related to its crypto lending product that lets clients accrue interest on their digital currency holdings. CNBC has the story.

The bottom line: Canada is going to war with crypto and at the same time validating bitcoin's existence.

🚨🚨 Just out: Democratic lawmaker unveils bill that would define boundaries for stablecoin market

Razzlekhan back on the street 👩‍🎤


	🛫 Razzlekhan, the rap alter-ego of Heather Morgan, has been released on bail after a judge overruled an emergency order that found the couple accused of trying to launder billions of dollars worth of stolen bitcoin could potentially use it to flee the country. 💸 A judge ruled Monday that Morgan could be released on bail under strict conditions, but her husband Ilya "Dutch" Lichtenstein will remain in custody pending trial. 🤳 The couple was arrested last week on allegations that they tried to launder some of the 120,000 bitcoin stolen in the 2016 Bitfinex hack, with Morgan's varied social media videos and online exploits creating a media firestorm. Now read this: ‘Let’s go Brandon’ crypto coin turns into total dumpster fire

	Billy Bambrough
	Forbes Senior Contributor

I am a journalist with significant experience covering technology, finance, economics, and business. I write about how bitcoin, crypto and blockchain can change the world.

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Forbes - 🚨 Canada's crypto emergency

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