C-249Encouraging the Growth of the Cryptoasset Sector Act
An Act respecting the encouragement of the growth of the cryptoasset sector
Private member's bill, introduced in the House of Commons on February 9, 2022
- Status
- Defeated at second reading in the House of Commons
What it does
Requires the Minister of Finance to develop a national framework to encourage growth in the cryptoasset sector and report it to Parliament.
What it does
- Requires the Minister of Finance to develop a national framework for the cryptoasset sector with help from people named by provinces and territories.
- Says the framework must lower barriers to entry, protect people working in the sector, and reduce administrative burden.
- Requires the Minister to invite submissions from province and territory nominees, and to give the public a chance to make written submissions.
- Requires the Minister to publish the sector submissions, then publish a draft framework and invite public comments on it.
- Requires the Minister to table a final report with the framework in both Houses of Parliament within three years, and to post it online.
- Clarifies that the bill does not require provinces to take any action on matters within provincial law-making power.
Who it affects
- Cryptoasset businesses
- People working in cryptoassets
- Provincial and territorial governments
- Department of Finance
- Parliament
- Members of the public
Background
The bill defines cryptoassets as digital assets secured by cryptographic systems, including blockchain, that do not rely on a central authority.
Where it is
House of Commons
First reading
Completed.
Second reading
Defeated here. Defeated
Committee
Not reached.
Report stage
Not reached.
Third reading
Not reached.
Senate
First reading
Not reached.
Second reading
Not reached.
Committee
Not reached.
Third reading
Not reached.
Royal assent
Royal assent
Not reached.
Introduced by an MP who is not a minister. These bills compete in a lottery for debate time, and most do not become law. How a bill becomes law
How the House voted
2nd reading of Bill C-249, An Act respecting the encouragement of the growth of the cryptoasset sector
Vote 222,
Failed
119 yeato199 nay
Party breakdown for vote 222 Party Position Yea Nay Did not vote Liberal Nay3 broke ranks 3 146 9 Conservative Yea 114 0 4 Bloc Nay 0 26 6 NDP Nay 0 25 0 Green Nay 0 2 0 Independent Yea 2 0 0 Total 119 199
What MPs said
Each party’s first speech on this bill in the House, from Hansard. Excerpts are the speaker’s opening sentences, unedited.
LiberalJenna Sudds· April 5, 2022
“Bill C-249 seeks to understand the benefits of cryptocurrencies and these new technologies. I commend the member opposite for inspiring discussion on this emerging economic sector.”
Read the full speech on openparliament.caConservativeMichelle Rempel· April 5, 2022
“I rise today to speak to my private member's bill, Bill C-249, the encouraging growth of the cryptoasset sector act. It has been 14 years since work conducted by Stuart Haber, W.”
Read the full speech on openparliament.caBlocJean-Denis Garon· April 5, 2022
“The bill is about cryptoassets, cryptocurrencies and virtual currencies. It is truly fascinating because it covers extremely innovative technologies that are being adopted by the more formal economy.”
Read the full speech on openparliament.caNDPDaniel Blaikie· April 5, 2022
“My thanks go to the member for Calgary Nose Hill for bringing this bill forward. As others have mentioned, I think this is a really important discussion.”
Read the full speech on openparliament.ca
Read the source
LEGISinfo status: Bill defeated. Bill data from LEGISinfo, votes from openparliament.ca and the House of Commons. Last updated October 13, 2026.