Vass Bednar, head of the Canadian SHIELD Institute for Public Policy, spoke with BNN Bloomberg about Robinhood’s plan to buy WonderFi.
A major shift in Canada’s cryptocurrency landscape is sparking concern as U.S.-based Robinhood Markets Inc. moves to acquire WonderFi Technologies—a leading Canadian digital asset firm—in a $250 million deal. The Supreme Court of British Columbia has already approved the transaction, giving Robinhood control over platforms like Bitbuy, Coinsquare and over $2.1 billion in crypto assets.
This merger is triggering alarm bells among policy experts who fear it could compromise Canada’s financial independence. Vass Bednar, managing director at the Canadian SHIELD Institute for Public Policy, warns that losing WonderFi to a foreign company could have long-term consequences.
“It's Like Selling the Toronto Stock Exchange”
Speaking to BNN Bloomberg, Bednar compared the deal’s impact to hypothetically selling the Toronto Stock Exchange or even the Big Five Canadian banks to the United States. While Canada technically offers other platforms, she argues that none currently match WonderFi’s size, reach, or credibility.
WonderFi, before this sale, had already consolidated several Canadian crypto platforms—Bitbuy, Coinberry, Coinsquare, Bitvo Inc., and CoinSmart. It was one of the last significant homegrown players in the digital finance space.
Pushing Back Against U.S. Control
Bednar believes Canada must build stronger financial infrastructure and protect its digital sovereignty. She co-wrote The Big Fix: How Companies Capture Markets and Harm Canadians, which exposes how industry giants dominate markets and limit consumer choice.
Losing WonderFi, in her view, isn’t just a business move—it’s a blow to national economic control. “Once it’s gone, it’s hard to get something like that back,” she said.
Global Tensions Raise the Stakes
The timing of this deal is also raising eyebrows. With former U.S. President Donald Trump continuing his aggressive trade stance and backing policies that favor American-led digital currencies like stablecoins, Bednar believes this deal has deeper implications.
She pointed out that Trump’s push for stablecoin legislation could further entrench American financial dominance in the digital world. “We’re in the middle of a digital trade war,” she said, “and we shouldn’t be handing over key Canadian financial infrastructure so easily.”
Canada Falling Behind on Crypto Regulation
While the U.S. charges ahead with crypto regulations, Canada has paused its work on stablecoin frameworks. Bednar urges the Bank of Canada to re-engage and offer clear direction for digital asset regulation.
“We can’t keep waiting,” she insisted. “Canada’s slow ‘wait-and-see’ approach isn’t always bad, but when it comes to a rapidly evolving digital economy, we need to be more proactive—more willing to act boldly.”
The GENIUS Act, a U.S. initiative on tech dominance, could serve as a wake-up call for Canadian regulators. Bednar says it’s time Canada steps up to protect its financial future—before more valuable assets fall into foreign hands.
