Australian pro-crypto Senator Andrew Bragg recently sat down with US Senator Cynthia Lummis to discuss cryptocurrency regulation collaboration. Mr Bragg explains: “ We want to be as close as possible to our American friends on these issues. †
Two pro-crypto elected officials join forces
Australian Senator Bragg, of the ruling Liberal Party, is known to everyone as a pro-crypto politician. He is certainly one of the pillars of this country’s forward-thinking cryptocurrency law.
In 2021 Andrew Bragg chaired the Senate Committee on Australia as a Technology and Finance Center (ATFC). This resulted in the presentation of 12 detailed regulatory proposals related to:
- taxes ;
- Decentralized Autonomous Organizations (DAOs);
- and business licenses.
Tempted by the idea, treasurer Josh Frydenburg revealed that he will implement half of these proposals by mid-2022.
This mutual understanding has led to refinements and consolidations of proposals in Australia’s Digital Services Act. No information on its implementation has been provided at this time.
It should also be noted that the federal election will be held in Australia next month. In the case of the election of the opposition Labor party, this law is not elected. The reason is that he never gave his stance on the crypto space.
A necessary reconciliation
The interview between Bragg and Lummis, an American pro-crypto and bitcoin (BTC) hodler, took place this week. Among the topics brought up by these two senators were the ” capabilities of regulatory equivalents”.
Interviewed by Cointelegraph reporters, Bragg gave no further details. However, he stressed the importance of coordination with the United States on several points.
Here’s his explanation:
† I see this as an area of economic growth, as a security objective, because we have a unique relationship with the United States, which is cultural, economic and military. That’s why we want to be as close as possible to our American friends on these issues. †
Andrew Bragg also plans to push the two governments to set global standards for cryptocurrency regulation. He praised the commitment of the current president of the United States:
† President Biden’s executive order is fairly similar to what Treasurer Frydenberg issued last December. †
† If the two major, advanced financial economies like the United States and Australia unite, it could help improve standards in other parts of the world. †
This pro-crypto senator is so eager to bring up this collaboration between the two countries that he brings this up:
† [Il] it seems they could act faster to bring different types of products to market. So we’ll see what lessons we can draw from that. †
There, he at least acknowledges that Bitcoin, like other cryptocurrencies, has already taken the lead over governments.
Pro cryptos but… not so identical
While the two Senators Bragg and Lummis are hoping for the fruit of their efforts, it’s worth mentioning some of the disagreements. In particular on:
– The CBDC
With regard to the issuance of one central bank currency, Mr. Bragg noted that the United States seems more receptive to this idea. However, the Reserve Bank of Australia does not see the creation of such a currency as an urgent need. Australia’s pro-crypto senator believes it’s best to exercise caution on the subject, given the current state of the country’s instant digital payment network.
† I think, you know, I’m probably more aware of the problems and the risks involved. We must therefore get the Treasury’s report on this matter. Hopefully that can be done soon after the election. †
Australia’s Cryptocurrency Account Will Fall If…
If Labor is elected, all efforts of the pro-crypto Senator Bragg will fail. This represents two years of hard work for the appropriation of cryptocurrencies in Australia.
When asked, he replied:
† I mean, you need to talk to Labor about it. But they have no policy. So I hope not, but they don’t have a policy. †
In his view, his political party wants a ” good regulation which will not suffocate. It was delivered in his speech at theAccounting Business Expo from Sydney that he announced this choice on Thursday.
† Regulations that create certainty and at the same time invite the opportunity for more innovation, including innovation that we cannot anticipate. Regulations that represent the interests of consumers and investors on an equal footing – with room for flexibility, inventiveness and experimentation. [Et] regulation that provides a safety net when the market fails, but holds individuals accountable for the consequences of their actions ‘ he underlined.
True words from an elected official who is concerned about the future of his voters, who is well aware of the evolution or current revolution in technology. To say that right now the pro-crypto senators and elected officials seem very little compared to the skeptics. We are still a long way from a cryptocurrency law that has become a priority for all governments around the world. However, if we recall Bragg’s words correctly, Australia and the United States intend to impose their words on the world.
Get an overview of news in the world of cryptocurrencies by subscribing to our new daily and weekly newsletter service, so you don’t miss out on the essential Coinstand!
The blockchain and crypto revolution is underway! And the day the impact will be felt on the world’s most vulnerable economy, against all odds, I’ll say I had something to do with it.