Cryptocurrency Act: Pro-Crypto Senators Prague (Australia) and Loomis (US) Unite

Australian pro-crypto Senator Andrew Bragg met with US Senator Cynthia Loomis recently to discuss cooperation on crypto regulation. Mr. Bragg explains: We want to be as close as possible to our American friends on these issues. “.

Two Elected Officials Pro-Cryptocurrency Challenged

Australian Senator Bragg, from the ruling Liberal Party, is known to everyone as a pro-crypto politician. It is definitely one of the pillars of the forward-thinking cryptocurrency bill in this country.

In 2021, Andrew Bragg chaired the Senate Committee on Australia as a Technology and Financial Center (ATFC). This resulted in 12 detailed regulatory proposals relating to:

  • tax collection;
  • Decentralized Autonomous Organizations (DAOs);
  • and commercial licenses.

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

This mutual understanding has led to improvements and standardization of proposals in Australia’s Digital Services Act. At the moment, no information on its implementation has been transmitted.

It should also be noted that the federal elections will be held next month in Australia. If the opposition Labor Party is elected, this law will not be elected. The reason is that he has not disclosed his position regarding the crypto space.

Necessary reconciliation

The interview between Bragg and Lummis, an American pro-cryptocurrency and Bitcoin (BTC) processor, was taking place this week. Among the topics raised by these two senators: organizational rewards potential.

In an interview with Cointelegraph reporters, Bragg did not provide further details. However, he stressed the importance of aligning with the United States on several points.

Here it is explained:

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

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

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

Then add:

If the two large and developed financial economies such as the United States and Australia unite, it could help boost standards in other parts of the world. »

This pro-crypto senator wants to highlight this cooperation between the two countries so much that he brought up this:

[Il] It looks like they were able to move faster to bring different types of products to market. So we’ll see what lessons we can learn from it. »

At least there is an awareness that Bitcoin, like other cryptocurrencies, has already taken the lead on governments.

Pro-cryptos but… not quite the same

Although Senators Prague and Loomis are hopeful about the outcome of their efforts, it is worth noting some differences in viewpoints. In particular:

– The CBDC

Regarding the issuance of a single currency for the central bank, Mr. Bragg indicated that the United States appears to be more receptive to this idea. However, the Reserve Bank of Australia does not see the creation of such a currency as an urgent need. The Australian pro-crypto senator believes it is best to be cautious on the matter given the current state of the country’s instant digital payments network.

Bragg explains:

I think I’m, you know, probably more aware of the issues and the risks involved. So we have to get the report from the Treasury on this matter. I hope it will, you know, soon after the election. »

Australian Cryptocurrency Bill Will Fall If…

If Labor is elected, all of Senator Bragg’s pro-crypto efforts will come to an end. This represents two years of hard work for cryptocurrency allocation in Australia.

He was asked about this and he replied:

I mean, you have to talk to Labor about it. But they don’t have a policy. So, I sure hope not, but they don’t have a policy. »

In his view, his political party intends to provide ” well organized that would not be stifling. It is in his speech that he gave inAccounting Business Exhibition from Sydney that he revealed the choice on Thursday.

Regulation that creates certainty while inviting the possibility of more innovation, including innovation that we cannot anticipate. Regulations that protect the interests of consumers and investors equally – while allowing for flexibility, innovation and experimentation. [Et] Regulation that provides a safety net when the market fails, but holds individuals accountable for the consequences of their actions ‘, he confirmed.

Right words for an elected official concerned with the future of his constituents, who is well and truly aware of the current development or revolution in technology. To say that at the moment, it seems that senators and elected officials are very few in favor of cryptocurrency compared to the skeptics. We are still far from cryptocurrency law becoming a priority for all governments around the world. However, if we correctly remember Prague’s words, then Australia and the United States intend to impose their words on the world.

Source: Cointelegraph

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Mikaya Andriamahazuarimanana

The blockchain and crypto revolution is underway! And on the day when you will feel the effects on the most vulnerable economy in this world, despite all hope, I will say that I have something to do with it.

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