Michelle Rempel Garner, a member of the House of Commons of Canada, has reportedly rolled out a new legislation urging the authority to establish a framework supporting the development of crypto. 

Specifically, during the initial reading of Bill C-249 in the House of Commons on February 9th, Garner reportedly put up a proposal urging Canada’s Minister of Finance – Chrystia Freeland, a member of the country’s Liberal Party – to discuss with professionals in the sector, to come up with a regulatory framework for amplifying crypto-centric innovations. 

The bill – goes with the name “Encouraging the Growth of the Cryptoasset Sector Act” – would reportedly also have the Finance Minister report on the framework and roll out legislation in under three years of passage. 

“Crypto-assets have significant economic and innovative potential for Canada. The framework must, among other things, focus on lowering barriers to entry into the crypto asset sector while protecting those working in the sector and minimizing the administrative burden.” The bill further claimed. 

According to Canadian regulation, a bill is officially enacted as a law via undergoing a first, second and third reading in either the House of Commons or the Senate, transferred to the other chamber for the same process, before moving to Royal Assent — i.e., signed into law by the Governor-General. 

Garner – at the moment has a seat in Canada’s Conservative Party, currently a minority in the House of Commons – would reportedly require assistance from other parties for the crypto bill to make it. 

She additionally shared via Twitter her hopes of steering clear from “political polarization” in her efforts to develop the sphere.

“To be a world leader, Canada needs to make sure crypto-asset experts and investors are telling us what policy they need or what policy they don’t need. This bill creates a mechanism to formally engage the expertise of crypto-asset innovators and investors in policy development and create a framework for growth.”