Hon. Clément Gignac: My question is for the Government Representative in the Senate.

Since last spring, we’ve watched the spectacular collapse in the value of several crypto-currencies, including the famous bitcoin, a type of investment recommended at the start of the year by influencers, sports celebrities and even certain political leaders. In the past few weeks, electronic platforms such as FTX and financial intermediaries such as Celsius and BlockFi declared bankruptcy because of poor financial management and even fraud and wrongdoing resulting in financial losses for millions of people.

Senator Gold, it would be unrealistic to think that this issue only affects U.S. citizens. A study released last month by the Ontario Securities Commission indicates that almost 13% of Canadians and up to 25% of young adults between the ages of 25 and 44 have investments in digital assets.

My question, Senator Gold, is the following. While the U.S. Senate is in favour of stricter regulations for digital platforms and crypto-currency financial intermediaries, what does the federal government plan on doing in this file to better regulate this new sector and especially to protect the Canadian public?