Mark Carney Wins Canada Election: What’s Next for Crypto?

Mark Carney retained his position as Canada’s prime minister following a surprise snap election, defeating Pierre Poilievre, a prominent Bitcoin advocate. However, the result adds a layer of uncertainty around the future of digital asset policy under the new administration.

Poilievre lost his Ottawa riding to Liberal challenger Bruce Fanjoy. Carney’s Liberal Party secured approximately 162 seats in the House of Commons, enough to form a minority government. 

Election Results and Challenges for the Crypto Industry

Now, the Liberal Party must build coalitions with other factions, including the Bloc Québécois and the New Democratic Party, to advance its legislative agenda. In this context, digital asset regulation could become a point of political compromise.

Although cryptocurrency plays a growing role in global finance, the topic received little attention during Canada’s election campaign. On the betting platform Polymarket, wagers on a Carney victory exceeded $100 million. However, that level of engagement stood out as one of the few indicators of broader interest in the race, with digital asset regulation notably absent from the political discourse.

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Mark Carney’s Stance on Cryptocurrency

Mark Carney, who previously led the Bank of England and the Bank of Canada, has consistently voiced skepticism toward Bitcoin.

It is not a store of value because it is all over the map. Nobody uses it as a medium of exchange,

Carney said in 2018 while serving as Governor of the Bank of England.

Nonetheless, he has supported the underlying blockchain technology and emphasized the need for robust regulation. In a 2021 lecture, he argued that stablecoins should meet the same standards as commercial bank money, including strict liquidity requirements.

International Context and Regulatory Trends

Canada now faces increased pressure from the United States, spanning beyond rhetoric about becoming the 51st state to include Donald Trump’s tariffs and the crypto policy under the new U.S. administration.

The U.S. has placed digital asset development on its policy agenda, targeting the adoption of stablecoin regulations by the end of the summer. As a result, Canada’s approach to crypto may align with U.S. policy frameworks.

Meanwhile, Carney has advocated for a cross-border CBDC, designed to rival the U.S. dollar. The idea has gained traction among international financial experts as a potential instrument to bolster systemic stability.

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Crypto Community Reaction and Forward-Looking Expectations

A representative from advocacy group Stand With Crypto, which once labeled Mark Carney as “somewhat pro-crypto,” has urged Canada’s new government to establish clear regulatory guidelines for digital assets to help attract investment capital.

It’s worth noting that much of Carney’s past criticism came at a time when Bitcoin’s market cap was far smaller than it is today. Whether his perspective evolves in response to the sector’s maturity will likely become clear in the coming months.