Cryptocurrency Act: Pro-Crypto-Senators Bragg (Australia) and Lummis (USA) merge

Pro-crypto Australian Senator Andrew Bragg sat down with US Senator Cynthia Lummis recently to discuss cooperation on cryptocurrency regulation. Mr. Bragg explains: ” We want to be as close to our American friends on these issues as we can. “.

Two pro-crypto elected officials join forces

Australian Senator Bragg, from the ruling Liberal Party, is known by all as a pro-crypto politician. He is certainly one of the cornerstones of this country’s far-sighted cryptocurrency bill.

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 bills regarding:

  • Taxation;
  • Decentralized Autonomous Organizations (DAOs);
  • and business licenses.

Seduced by the idea, Treasurer Josh Frydenburg revealed that he will implement half of these proposals by mid-2022.

This mutual understanding has resulted in adjustments and consolidations of proposals in the Digital Services Act in Australia. At present, no information has been provided on its implementation.

It should also be noted that the federal election will take place next month in Australia. In case of election of the opposition party Labor, this law will not be elected. The reason is that he never gave his opinion on the crypto space.

A necessary reconciliation

The interview between Bragg and Lummis, a US pro-crypto and bitcoin (BTC) hodler, took place this week. Among the topics raised by these two senators were ” opportunities for regulatory equivalents ”.

Interviewed by Cointelegraph reporters, Bragg gave no further details. However, he stressed the importance of adapting to the United States on several points.

Here is his explanation:

I see this as an area of ​​economic growth, as a security goal, because we have a unique relationship with the United States that is cultural, economic, and military. So we want to be close to our American friends on these issues as much as possible. »

Andrew Bragg also intends to pressure the two governments to set global standards for cryptocurrency regulation. This is how he praised the efforts of the current president of the United States:

President Biden’s executive order is roughly similar to what Treasurer Frydenberg issued in December last year. »

Then add:

If the two large, sophisticated financial economies like the United States and Australia are united, it could help raise standards in other parts of the world. »

So much so, this pro-crypto-senator wants to bring this cooperation out between the two countries that he presented this:

[Il] It seems that they were able to move faster to bring different types of products to market. So we will see what we can learn from it. »

There, he acknowledges at least that Bitcoin, like other cryptocurrencies, has already taken the lead over governments.

Pro-cryptos, but … not so identical

Although the two senators Bragg and Lummis are hoping for the outcome of their efforts, it is worth mentioning some differences in views. Especially on:


Regarding the issuance of a single 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 is best to be cautious on the subject given the current state of the country’s instant digital payments network.

Bragg explains:

I think you know, I’m probably more aware of the problems and the risks involved. We therefore need to obtain the report from the Ministry of Finance on this issue. Hopefully it can be done, you know, soon after the election. »

Australia’s cryptocurrency bill will fall if …

If Labor is elected, all pro-crypto-senator Bragg’s efforts will fall through. This represents two years of hard work to acquire cryptocurrencies in Australia.

Asked about this, he replied:

I mean, you’ll have to talk to Labor about it. But they do not have a policy. So I certainly do not hope so, but they do not have a policy. »

In his eyes, his political party intends to give a ” good regulation which will not be suffocating. It says in his speech held atAccounting Business Expo from Sydney that he revealed this election on Thursday.

Regulation that creates security and at the same time invites the opportunity for more innovation, including innovation that we can not foresee. Regulation that protects the interests of consumers and investors on an equal footing – and at the same time allows for flexibility, ingenuity and experimentation. [Et] regulation that provides a safety net when the market fails, but which holds individuals accountable for the consequences of their actions; “, He emphasized.

True words from an elected official who cares about the future of his constituents, who is well aware of the developments or the current revolution in technology. To say that at present pro-crypto senators and elected representatives seem very few 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. But if we remember Bragg’s words correctly, Australia and the United States intend to impose their words on the world.

Source: Cointelegraph

Get an overview of news in the world of cryptocurrencies by subscribing to our new daily and weekly newsletter service, so you do not miss any of the essential Cointribune!

User image

Mikaia Andriamahazoarimanana

The blockchain and crypto revolution is underway! And the day when the effects will be felt on the most vulnerable economy in this world, against all hope, I would say I had something to do with it.

Leave a Comment