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Senators Bragg and Lummis discuss crypto-law partnership between the United States and Australia
"We want to be as close to our friends in the United States as we can on these issues," Australian Senator Andrew Bragg told Cointelegraph.
Senator Andrew Bragg of Australia met with U.S. Senator Cynthia Lummis to discuss with representatives from both countries to examine potential collaboration on cryptocurrency legislation.
Andrew Bragg is a crypto-friendly member of Australia’s ruling Liberal Party (a conservative center-right party) who has been a major factor behind a proposed forward-thinking regulatory structure.
Last year, he spoke before the Senate Committee on Australia as a Technology and Financial Center (ATFC). He presented 12 detailed regulation ideas on taxation, decentralized autonomous organizations (DAOs), and firm licensing. Two months later, Treasurer Josh Frydenburg stated that at least six of the recommendations would be implemented by mid-2022.
Both Countries are Attempting to Define Worldwide Norms for Crypto Legislation
The suggestions have since been revised and incorporated into the Digital Services Act. Although its implementation remains uncertain. With the federal election coming up next month, it is unknown whether the legislation will be implemented if the opposition Labor party is elected, considering that it has yet to establish a concrete stance on the crypto industry.
Bragg spoke with Lummis, a well-known crypto enthusiast and also Bitcoin (BTC) hodler, via video call this week, and told Cointelegraph that the conversation centered on “potential for regulatory equivalence.”
While he wouldn’t go into specifics, Bragg highlighted the significance of aligning with the US on as many subjects as possible, considering the two countries’ long history of cooperation.
He also suggested that both countries are attempting to define worldwide norms for crypto legislation, saying that “President Biden’s executive order is reasonably comparable to what Treasurer Frydenberg published last December.”
In terms of collaboration, or at least regulatory equivalency, Bragg observed that “it appears they’ve been able to move more quickly on putting different kinds of products onto the market.” So we’ll see what lessons we can glean from that.”
The two countries’ approaches to launching a central bank digital currency (CBDC) may differ. With Bragg noting that the US appears more open to the idea. Australia’s Reserve Bank has stated that there is no compelling need for one, owing in part to the country’s instant digital payments network, and also Bragg has stated that he is “very cautious” about it at this time.
When asked if the election of Labor would undermine Bragg’s two-year-long attempts at crypto reform, the Senator said that he had no idea.
Bragg also spoke yesterday at the Accounting Business Expo in Sydney, where he emphasized his political parties’ goal to create “good regulation” rather than strangling regulation.
By Elah Mae Ariate Wozinga Staff