Senators Bragg and Lummis discuss crypto laws collaboration between US, Australia
Categories: Crypto News US
Australian Senator Andrew Bragg has met with United States Senator Cynthia Lummis to discuss potential collaboration on cryptocurrency regulation between the two countries.Senator Bragg is a crypto-friendly politician from the ruling Liberal Party, a conservative center-right party, that has been one of the driving forces behind a proposed forward-thinking regulatory scheme in Australia. Last year, he fronted the Senate Committee on Australia as a Technology and Financial Center (ATFC), which tabled 12 extensive regulatory proposals relating to taxation, decentralized autonomous organizations (DAOs) and company licensing. Two months later, Treasurer Josh Frydenburg outlined intentions to begin implementing at least six of the proposals by mid-2022.Since then the proposals have been refined and packaged into the Digital Services Act, however, its implementation is up in the air. With the federal election set to take place next month, it is unclear if the act will be adopted if the opposition Labor party is voted in, given it has yet to provide a concrete stance on the crypto sector. Bragg spoke with Lummis — who is a known crypto proponent and Bitcoin (BTC) hodler — via a video call this week and told Cointelegraph that the discussion focused mainly on the “opportunities for regulatory equivalents.”He also suggested that both governments are looking to set global standards for crypto regulation, noting that “the executive order from President Biden is reasonably similar to what Treasurer Frydenberg released last December.”“If two large and sophisticated financial economies like the United States and Australia come together that could help drive standards in other parts of the world,” he said. In terms of collaboration, or at least regulatory equivalence, Bragg noted that it “looks like they’ve been able to move more quickly on getting different sorts of products into the market. So, we’ll see what lessons we might be able to pick up there.”When asked if Labor being voted in would derail Bragg’s efforts at crypto reform over the past two years, the Senator frankly stated that he had no idea. “I mean, you’ll have to talk to Labor about it. But, they haven't got any policy. So, I certainly hope not, but they don't have any policies,” he said.Bragg also delivered a speech at the Accounting Business Expo in Sydney on Thursday, as he outlined his political parties’ intention to provide “good regulation” as opposed to stifling regulation.“Regulation which provides a safety net when the market fails but holds individuals accountable for the consequences of their actions,” he added.