Senator Cynthia Lummis and Andrew Bragg talk about the potential collaboration of the US and Australia for crypto laws. Andrew is one of the crypto-friendly senators from Australia and has also been one of the main reasons for the forward-thinking regulatory approach in the country. In 2021, he introduced 12 regulatory protocols on different aspects of the industry like DAOs, DeFi, and crypto taxation. And it seems that a minimum of 6 of them will be approved by June 2022.
The collaboration of the US and Australia on crypto laws
Andrew and Cynthia had an online meeting regarding the future possibilities of collaborating between the two nations. Since both of them are crypto enthusiasts and have worked towards bringing positive regulations in their countries, we can expect this collaboration to be fruitful. Andrew said that they want to align their issues with the US and come up with common solutions. He also pointed out that both the nations want to set the global standard for crypto regulation. Till now, their policies have been more or less similar, as he pointed out Biden’s Executive order.
This morning I had a very productive discussion with United States Senator @CynthiaMLummis on the future of cryptocurrency & opportunities for collaboration between the USA & Australia. pic.twitter.com/kk0HylWyRk
— Senator Andrew Bragg (@ajamesbragg) April 26, 2022
Andrew said that they might need to pick up on how the US is approaching the launch of new crypto products. This is because they have been comparatively slower in doing so. At the same time, they still do not see the need for a CBDC which the US has been more inclined towards. There are lot of risks involved in the same and Australia already has a capable payment network. So, they are going to wait for the treasury report on the same.
The roadblock that might arise in Australia
Elections are coming up in Australia, and there is a chance if the labor party is voted they might go anti-crypto. Andrew was asked about the same but he stayed neutral and said he had no idea what would happen. It might also stomp his policies that might otherwise be implemented in mid 2022. We have to wait and see how the election goes and if the crypto regulation gets affected by the results.
What are your thoughts as Senator Cynthia Lummis talks about the potential collaboration of the US and Australia for crypto laws? And do you think this could set the global standard for crypto regulation? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
Also Read: Central Bank of Singapore wants to become a responsible global crypto hub