Regulation
New government legislation could open up sports betting in Alberta, Canada by end of this year
- Alberta’s Bill 16 will allow third-party operators in online gambling by 2025
- The province aims to capture grey market bets and boost revenue like Ontario
- Safeguards like self-exclusion and player monitoring will promote responsible gambling
Alberta is on the brink of a significant shift in its online gambling landscape. With the passage of Bill 16, the province aims to open up sports betting, iGaming, and crypto casinos to third-party operators by the end of this year.
Alberta’s move follows Ontario’s example and is designed to capture the grey market while promoting responsible gambling through updated regulations and safeguards.
Bill 16 a game-changer for Alberta’s gambling industry
In May, the Alberta government passed Bill 16, also known as the Red Tape Reduction Statutes Amendment Act, marking a monumental shift in the province’s approach to online gambling.
The bill, which received Royal Assent shortly after, allows the provincial government to oversee and regulate online gaming alongside Alberta Gaming, Liquor and Cannabis (AGLC). This opens the door for private, licensed operators to enter the Alberta market, replacing the government’s previous monopoly on legal online gambling.
Currently, the only legal option in Alberta is PlayAlberta, a platform managed by AGLC that offers casino games and sports betting. However, offshore “grey market” sites like Bet365 and Bodog continue to attract many Albertans, contributing to an unregulated market.
Ontario implemented a similar model in 2022, which generated $1.48 billion in total gaming revenue during its first year and Alberta’s government hopes to replicate this success by drawing bets away from illicit markets and boosting its own revenues.
Alberta’s expansion plans aim to address the limitations of PlayAlberta and enhance competition. The provincial government is currently in the process of consultations with industry stakeholders to determine the best path forward.
Though a specific launch date has yet to be set, Service Alberta and Red Tape Reduction Minister Dale Nally has emphasized that the government intends to act quickly once a final strategy is determined.
Regulated expansion with a focus on safety
While opening the Canadian sports betting market offers lucrative revenue opportunities, the move is not without its challenges. Alberta is mindful of the potential risks associated with an expanded gambling market, particularly in terms of problem gambling and addiction.
David Hodgins, a professor of clinical psychology at the University of Calgary and research director with the Alberta Gaming Research Institute, expressed concerns about the social impacts of having multiple operators in the province. He emphasized the importance of implementing strong safeguards to minimize harm.
To promote responsible gambling, Alberta is looking to adopt measures like self-exclusion programs that would allow individuals to ban themselves from all gambling sites within the province. Ontario is working toward such a system, and Alberta is keen to follow suit.
Minister Nally confirmed that he is interested in provincewide self-exclusion tools, as well as monitoring player behaviour to detect sudden shifts in betting patterns—another strategy aimed at curbing problem gambling.
Revenue splits between the government and private operators are also being reviewed. Ontario takes 20% of revenues from regulated gambling websites, a model Alberta is studying closely. A balance must be struck to ensure the tax rate is appealing enough to encourage operators to join Alberta’s market, while also generating significant revenue for the province.
As Alberta moves closer to an open, regulated online gambling market, it seeks to capture the benefits seen in Ontario while ensuring safety and responsible gaming practices.
With consultations nearing completion, and regulatory frameworks being refined, the province could see a new era of sports betting and iGaming by the end of 2024 or early 2025.
John Reed Stark has pointed out that one of the causes of a rising risk in crypto security is the US SEC cutting back on enforcement activities. This includes a latest attack on crypto trading platform Bybit which compromised and stole $1.5 billion belonging to customers.
The attack, which analysts describe as the largest crypto heist in history, has raised concerns about the lack of regulatory safeguards protecting investors.
US SEC Criticized as Bybit Hack Highlights Security Gaps
According to a recent post on X, Stark criticized the US SEC’s decision to roll back enforcement actions against cryptocurrency platforms. He pointed out that Bybit’s security breach is a direct consequence of weak regulatory oversight, leaving investors unprotected against sophisticated cyberattacks.
The attack on Bybit has been linked to North Korea’s Lazarus Group, a state-sponsored hacking collective known for targeting cryptocurrency exchanges. Analysts at blockchain forensics firm Elliptic reported that the group has stolen billions in crypto over the years, using complex laundering methods to fund North Korea’s missile programs. Without strict cybersecurity requirements enforced by the US SEC, exchanges remain vulnerable to such threats.
EX SEC John Reed Stark added,
“For crypto-exchanges, there’s no regulatory oversight; no consumer protections; no net capital requirements; no licensure of individuals; no US audits, inspections or examinations; no segregation of customer funds; no insurance, no cybersecurity requirements; no transparency; no accountability; no SEC/FDIC/OCC/etc. engagement and the list goes on”
Bybit’s $1.5 Billion Hack Exposes Risks
The Bybit hack has sparked concerns about the broader security risks in the crypto industry. Crypto exchanges lack oversight, unlike traditional financial institutions. They have no mandatory audits, capital reserves, or customer asset protection.
Bybit has responded by securing bridge loans to cover losses and working to recover the stolen assets. However, experts remain skeptical about the likelihood of successful recovery. This incident underscores how the absence of SEC enforcement leaves crypto investors exposed to large-scale losses with no regulatory safeguards.
With the US SEC pulling back from crypto-related investigations and enforcement, investors are left without key protections. The lack of insurance, consumer safeguards, and oversight mechanisms means that customers impacted by breaches like the Bybit hack have limited options for recovering their funds.
As the US SEC changes its regulatory stance, critics raise concerns. They argue that offshore crypto exchanges may still operate with weak security. This regulatory gap increases the risk of further large-scale hacks, placing investors at continued financial risk.
The US SEC decision to halt enforcement actions has sparked debates on crypto regulation. Ongoing cases against major exchanges are now on hold. Some industry participants see reduced oversight as a way to promote innovation. Others warn it increases risks of fraud, security breaches, and financial instability.
Following the recent crypto hack, Bybit has launched a $140 million recovery bounty to track and reclaim stolen funds. The exchange is offering rewards to individuals or organizations that provide information leading to the identification of hackers.
Ronny Mugendi
Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Ripple vs SEC lawsuit: The legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) may take more time to resolve than the ongoing case involving Coinbase, legal experts suggest.
With a ruling already in place and other procedural complexities, experts believe that Ripple’s case faces a different set of challenges compared to Coinbase’s recent settlement.
Ripple Vs SEC Lawsuit May Take Longer To Settle
After the US SEC disclosed plans to drop the Coinbase lawsuit, speculations and debate have taken a turn on the potential of the Ripple vs SEC lawsuit outcome and when. However, legal experts have noted the Ripple lawsuit may not be as smooth as Coinbase case. One major factor making the Ripple vs SEC lawsuit more complicated is the ruling already handed down by Judge Torres. According to the filings, Ripple had been ordered to pay a $125 million penalty as part of the settlement with the SEC.
Subsequently, according to experts, the firm’s options now include the possibility of requesting a penalty reduction, which would require both parties to reach an agreement. Legal expert Sherrie, in a recent conversation on X, noted that while a settlement may be reached, it is unlikely that the separation of sales, as stipulated by Judge Torres, would be altered.
Any request to reduce the penalty, she said, would need to be carefully considered by both Ripple and the SEC. Additionally, a request to dismiss the appeal would mean that the original ruling by Judge Torres remains in effect.
“It’s more complicated for Ripple, given the existing ruling. The penalty would still stand unless both parties agree to a reduction,” Sherrie stated.
Ripple Cross-Appeal and Timing Considerations
Ripple vs SEC lawsuit involves more layers due to its cross-appeal, which must also be taken into account. Legal analysts suggest that the timing of Ripple’s upcoming filing—scheduled for April—may be pivotal in determining the case’s trajectory.
Ripple’s request to extend the filing deadline to April 16, 2025, gives further credence to the idea that a resolution may take longer than anticipated. As Ripple’s legal team moves forward with the appeal, both Ripple and the SEC will have to consider how to approach the next steps. As Ripple works toward securing an agreement or a potential settlement, it may continue to assess the possibility of lowering the penalty.
“Ripple’s next filing deadline is in April, which gives both parties more time to negotiate,” said legal expert Bill Morgan.
Ripple lawsuit Appellate Court’s Role
The involvement of the Appellate Court could also extend the timeline for resolving the Ripple vs SEC lawsuit. The court has a panel of three judges who will review and hear the case, a process that takes additional time compared to the procedures of a District Court. This contrasts with the process seen in the Coinbase case, where a settlement was reached more quickly, possibly due to the absence of such complications.
Eleanor Terrett, a FOX journalist, noted that the SEC may also choose to seek an agreement with Ripple at the district court level. The judge overseeing the case, Torres, retains jurisdiction until August 2025, and any changes to the terms of the ruling would require her approval.
“There’s a lot of uncertainty with the Ripple case. The SEC’s next steps are unclear, and any decisions may need Torres’s approval,” said Terrett.
Jeremy Hogan also suggested that Ripple vs SEC lawsuit might take longer to resolve due to the multiple steps involved in the appeal process.
“This isn’t just a straightforward case of settlement or dismissal,” Hogan remarked
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
ConsenSys has submitted a letter to the U.S. Securities and Exchange Commission (SEC) expressing concerns about the proposed amendments to the definition of “exchange” under U.S. securities laws. The letter, addressed to Commissioner Hester Peirce and the SEC’s Crypto Task Force, requests the removal of the rulemaking from the regulatory agenda.
ConsenSys Challenges US SEC Proposed DeFi Rule Change
According to a recent submission, ConsenSys has urged the SEC to withdraw its proposed rule that expands the definition of an “exchange” to include decentralized finance (DeFi) platforms. The company argues that the amendments exceed the SEC’s legal authority.
ConsenSys asserts that the proposed rule violates the Administrative Procedure Act (APA) by improperly broadening the regulatory scope. Additionally, the company claims that the rule conflicts with the U.S. Constitution by imposing regulatory obligations on decentralized protocols that do not fit the traditional definition of an exchange.
SEC’s proposed amendments on DeFi exchanges received substantial opposition during the 2022 comment period. ConsenSys referenced prior submissions made in April 2022 and June 2023, reinforcing its position that blockchain-based systems should not be categorized as traditional financial intermediaries.
The submission to Hester Peirce’s task force comes just weeks after the launch of a dedicated website outlining its role in establishing clear crypto regulations. The new platform provides a way for industry participants, including ConsenSys, to submit input and engage with regulators.
Concerns Over US SEC’s Statutory Authority
Moreover, ConsenSys maintains that the SEC lacks the statutory authority to extend the definition of an exchange to blockchain-based systems. The company argues that the Securities Exchange Act of 1934 defines an exchange as an entity that provides a centralized market for securities transactions. The proposed rule, according to ConsenSys, improperly expands this definition to cover decentralized protocols.
The submission points out that DeFi platforms operate differently from traditional financial exchanges. Rather than facilitating transactions in a centralized manner, these platforms rely on smart contracts and peer-to-peer networks. ConsenSys warns that regulating these decentralized technologies as securities exchanges would create compliance burdens that are incompatible with their structure.
Consequences On Blockchain Innovation
The letter also warns that the amendments could negatively affect blockchain development and DeFi adoption. ConsenSys states that the proposed rule could discourage innovation by imposing regulatory uncertainty on blockchain developers and users.
The crypto company contends that the amendments could force decentralized platforms out of the U.S. market. By treating DeFi protocols as regulated exchanges, developers may face increased legal risks, reducing the incentive to create blockchain-based financial services within the country.
In its submission, the crypto company has expressed willingness to discuss the issue further with the SEC’s Crypto Task Force. The company emphasized the importance of ensuring that blockchain regulations align with technological realities and legal constraints.
ConsenSys reaffirmed its stance that the SEC’s proposed rule should be removed from the regulatory agenda. With the new Hester Peirce Crypto Task Force, there is hope for ConsenSys and other blockchain firms facing regulatory scrutiny.
Most recently, the pro-crypto task force influenced the decision to pause the SEC’s lawsuit against Binance for 60 days. The review of cryptocurrency regulations may lead to clearer guidelines, potentially benefiting DeFi platforms.
Ronny Mugendi
Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Analyst Reveals Two XRP Price Levels To Watch, Is $250 On?
3 Meme Coins to Watch For The Last Week of February 2025
Ethereum Rollback Debate Intensifies After Bybit Hack
US SEC Faces Backlash as Bybit Hack Highlights Lack of Oversight
Berachain (BERA) Falls 15% After Recent Rally Surge
Bitcoin Could Rebound to $100,000 Soon Despite Bearish Pressure
2.52 Million Altcoins Are Ruining Crypto’s Future
Animoca Brands Valuation Tanks 75% In Two Years, Here’s Why
Crypto exchange BingX hacked for $43 million
Are The Big Players Losing Interest?
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
Coinbase cbBTC Set to go Live on Solana
2.52 Million Altcoins Are Ruining Crypto’s Future
Animoca Brands Valuation Tanks 75% In Two Years, Here’s Why
Crypto exchange BingX hacked for $43 million
Are The Big Players Losing Interest?
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
Coinbase cbBTC Set to go Live on Solana
-
Market24 hours agoPI Surges, CZ Comments, Safe Denies Breach
-
Regulation23 hours ago
ConsenSys Submits Letter to SEC on DeFi Rule Amendment Concerns
-
Market23 hours agoFARTCOIN, POPCAT Decline, BRETT Rallies
-
Market22 hours agoEthereum Falls 5% Following $1.5 Billion Bybit Hack
-
Altcoin22 hours agoFranklin Templeton Files S-1 To Launch Spot Solana ETF with US SEC
-
Regulation22 hours ago
Ripple Vs SEC Lawsuit May Take Longer To Settle Than Coinbase, Expert Warns
-
Altcoin14 hours agoBTC, ETH Drop As $566M Liquidated Amid Bybit Hack
-
Market14 hours agoFTX Survey Shows Crypto ReInvestment and Possible Bias
✓ Share: