Industry committee  I would just add that we do have instances of Canadian companies going to Bermuda for insurance because of the favourable offerings that are there, and absolutely, if Canadian insurance providers would offer these services, Canadian companies and potentially global players would look to Canada as a service provider.

Industry committee  It was absolutely, and what we saw further was that people on Twitter were the ones breaking the news to the world as to how that fraud was taking place.

Industry committee  We can speak directly. We have 120 colleagues in over 32 countries, and absolutely anything that the Government of Canada can do to make it easier for highly skilled workers to come to Canada, be trained in Canada and be able to participate in these incredible organizations that are here in Canada would absolutely be appreciated by Canadian businesses.

Industry committee  I would just add further to Mr. Mosoff's point. There is a spectrum where the most innovative, future-looking technologies are unstoppable and are centralized versions of some of the centralized services you're talking about regulating right now. We need to ensure we empower Canadians to be leaders and not followers.

Industry committee  What we're seeing from these states is absolutely a stance against blockchain technology and everything it stands for. They do not believe in freedom. They do not believe in liberty. Quite frankly, they see this technology as stifling the ability for them to have that totalitarian control.

Industry committee  Absolutely. Looking at how we utilize centralized databases right now to ensure accountability for things like food supplies, it's unfortunately in a position where anyone in a position of power can influence those numbers. At the same time, we don't have assurances that when capital is sent, wherever it is sent across the world, it is used specifically for the things we demand it be used for.

Industry committee  I would say the greatest opportunity right now is to stand out. It is to do so much more than anyone around us. So many people are waiting for someone to take the lead. As has been mentioned, we've seen some incredible adjacent legislation in Estonia with their online IDs for their e-Residency program.

Industry committee  One thing we can speak to as well is the development in wallet technologies and specifically self-custody wallet technology. If we were having this conversation five years ago, the idea of having two billion people leveraging blockchain technology for their financial inclusion would be a complicated and complex thing to discuss.

Industry committee  I'll make sure that my team shares some data around energy consumption, specifically the move to proof of stake and what that's meant for energy consumption and blockchain networks because, with proof of stake, we are now able to say that we are using less energy than traditional financial services.

Industry committee  —algorithmically backed as something else. That's why we need this study—

Industry committee  Yes. I could speak to one point Mr. Mosoff made earlier. I might not be 15 years old, but I missed the previous Internet boom and was born into this world that really owned me. Everything on the Internet owns everything that I put onto the Internet. People like me who are trying to re-create these systems in a decentralized way, taking away the power of the centralized actors, are the reason these cryptocurrencies are necessary.

Industry committee  Absolutely, and unfortunately the reality is that a lot of people on blockchain knew that Terra was an illegitimate alternative to something like MakerDAO, for instance, which is another decentralized stablecoin.

Industry committee  I didn't say it wasn't legitimate; it wasn't as—

Industry committee  —and to educate people and work together, as we're doing today, and have more of these committees. The issue is we weren't talking. The issue is we weren't making our voices heard. What we need now is to honestly work together to create the regulation that empowers people to participate in this new Internet without taking away their opportunity to participate.

Industry committee  Yes, absolutely. A 2021 report by Electric Capital said that there are just under 20,000 full-time blockchain developers, with an additional 34,000 blockchain developers who are contributing on a part-time basis. In looking at those numbers, it is also important to appreciate that these are not traditional paying jobs; these are incredibly well-paying jobs with incredible benefits.