Senators Bragg As Well As Lummis Talk About How The US As Well As Australia Are Working Together On Cryptography Legislation

• Consumer and investor interests are protected on an equal footing, while flexibility, ingenuity, and experimentation are encouraged. He went on to say, Regulation that provides a safety net when the market fails while also holding individuals accountable for the consequences of their conduct

• The recommendations have since been revised and packaged into the Digital Services Act, but its execution remains a mystery. With the federal election coming up next month, it’s uncertain whether the act would be passed if the opposition Labor Party wins, considering that it has yet to take a position on cryptocurrency.

• One area where the two countries may differ is their approach to developing a central bank digital currency (CBDC), with Bragg observing that the US appears to be more open to the idea. Due to Australia’s quick digital payments network, the Reserve Bank has declared that there is no compelling need for one, and Bragg has stated that he is extremely hesitant about it at this time.

We want to be as close to our American friends as possible on these issues, Australian Senator Andrew Bragg told Cointelegraph. Representative Andrew Bragg of Australia met with Senator Cynthia Lummis of the United States to examine conceivable coordinated effort on digital currency guideline between the two nations. Senator Bragg, a crypto-friendly member of Australia’s ruling Liberal Party, a conservative center-right party, has been a leading factor behind a proposed forward-thinking regulatory structure.

Potential For Regulatory Equivalence

Last year, he chaired the Senate Committee on Australia as a Technology and Financial Center (ATFC), which released a report with 12 detailed regulation ideas on taxation, decentralized autonomous organizations (DAOs), and firm licensing. Treasurer Josh Frydenburg announced two months later that he intends to start adopting at least six of the recommendations by mid-2022.

The recommendations have since been revised and packaged into the Digital Services Act, but its execution remains a mystery. With the federal election coming up next month, it’s uncertain whether the act would be passed if the opposition Labor Party wins, considering that it has yet to take a position on cryptocurrency.

Bragg spoke with Lummis, a well-known crypto supporter and Bitcoin (BTC) hodler, via video call earlier this week, and told Cointelegraph that the conversation was on potential for regulatory equivalence. While he wouldn’t go into detail, Bragg stressed the significance of aligning with the US on as many subjects as possible, considering the two countries’ long history of cooperation:

I see that as an economic growth sector, as well as a security aim, because we have a unique cultural, economic, and military relationship with the United States. As a result, we want to remain as close to our American friends as possible on these topics. He also implied that both countries are attempting to establish worldwide norms for crypto legislation, adding that President Biden’s executive order is relatively comparable to Treasurer Frydenberg’s release last December.

Combining the economies of two huge and sophisticated financial markets like the United States and Australia might help drive standards in other parts of the world, he said. In terms of collaboration, or at the very least regulatory equivalency, Bragg observed that it appears that they’ve been able to move more quickly on putting different kinds of products onto the market. So we’ll see what examples we can realize there.

One area where the two countries may differ is their approach to developing a central bank digital currency (CBDC), with Bragg observing that the US appears to be more open to the idea. Due to Australia’s quick digital payments network, the Reserve Bank has declared that there is no compelling need for one, and Bragg has stated that he is extremely hesitant about it at this time.

A Safety Net When The Market Fails

I think I’m probably more conscious of the challenges and risks associated with going there. So now all we have to do is finish the Treasury report on this subject. I’m hopeful that can be accomplished soon after the election.

When asked if Labor’s election will disrupt Bragg’s crypto reform efforts over the previous two years, he said no. I mean, you’ll have to discuss it with Labor. They do not, however, have a policy. I definitely hope not, he added, but they don’t have any policies. 

On Thursday, Bragg gave a lecture at the Accounting Business Expo in Sydney, outlining his political parties’ goal to establish good regulation rather than suffocating regulation: Regulation that provides certainty while also opening the door to additional innovation, especially unanticipated innovation. Consumer and investor interests are protected on an equal footing, while flexibility, ingenuity, and experimentation are encouraged. He went on to say, Regulation that provides a safety net when the market fails while also holding individuals accountable for the consequences of their conduct.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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