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Senators Bragg and Lummis discuss crypto laws collaboration between US, Australia

“We want to be close to our friends in the United States on these issues as much as we can,” Australian Senator Andrew Bragg told Cointelegraph.

Australian Senator Andrew Bragg hasmet with U.S. Senator Cynthia Lummis to discuss potential collaboration on cryptocurrency regulation between the two countries.

Senator Bragg is a crypto-friendly politician from the ruling Liberal Party (a conservative center right party) that has been one of the driving forces behind a proposed forward-thinking regulatory scheme in Australia.

Last year he fronted the Senate Committee on Australia as a Technology and Financial Center (ATFC) which tabled 12 extensive regulatory proposals relating to taxation, decentralized autonomous organizations (DAOs) and company licensing. Two months later, Treasurer Josh Frydenburg outlined intentions to begin implementing at least six of the proposals by mid-2022.

Since then the proposals have been refined and packaged into the Digital Services Act, however, its implementation is up in the air. With the federal election set to take place next month, it is unclear if the act will be adopted if the opposition Labor party is voted in, given it is yet to provide a concrete stance on the crypto sector.

Bragg spoke with Lummis — who is a known crypto proponent and Bitcoin (BTC) hodler — via a video call this week, and told Cointelegraph that the discussion focused mainly on the “opportunities for regulatory equivalents.”

While he wouldn’t go into specifics, Bragg emphasized the importance of aligning on as many issues as possible with the U.S. given the historical partnership between the two nations:

“I see that as an economic growth area, as a security objective, because we have a unique relationship with the United States, which is cultural, economic, military. So we want to be close to our friends in the United States on these issues as much as we can.”

He also suggested that both governments are looking to set global standards for crypto regulation, noting that “the executive order from President Biden is reasonably similar to what Treasurer Frydenberg released last December.”

“[If] two large, sophisticated financial economies like the United States and Australia come together that could help drive standards in other parts of the world,” he said.

In terms of collaboration, or at least regulatory equivalence, Bragg noted that it “looks like they've been able to move more quickly on getting different sorts of products into the market. So we'll see what lessons we might be able to pick up there.”

Related: Failure to launch: Australia’s first 3 crypto ETFs all miss launch day

One area that may differ is the two nations’ approach to launching a central bank digital currency (CBDC), with Bragg noting that the U.S. seems more receptive to the idea. Australia’s Reserve Bank has stated there’s no compelling need for one due in part to the nation’s instant digital payments network and Bragg stressed that he was “very cautious” about it at this stage.

“I think I'm, you know, probably more aware of the issues and the risks of going there. So we just need to get the Treasury report done on this issue. I'm hoping that can be done, you know, quickly after the election.”

Asked if Labor being voted in would derail Bragg’s efforts at crypto reform over the past two years, the Senator frankly stated that he had no idea.

“I mean, you’ll have to talk to Labor about it. But I mean, they haven't got any policy. So, yeah, I certainly hope not, but I mean, they don't have any policies,” he said.

Bragg also delivered a speech at the Accounting Business Expo in Sydney yesterday, as he outlined his political parties’ intention to provide “good regulation” as opposed to stifling regulation.

“Regulation which creates certainty while inviting the possibility of more innovation, including innovation which we cannot anticipate. Regulation which protects the interests of consumers and investors on a level playing field – while allowing for flexibility, inventiveness, and experimentation.”

“Regulation which provides a safety net when the market fails but holds individuals accountable for the consequences of their actions,” he added.

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Massive government spending accelerating crypto adoption: Sen. Cynthia Lummis

Senator Cynthia Lummis said that inflation and massive government spending is accelerating the adoption of digital assets.

Republican Senator and Bitcoin proponent Cynthia Lummis said that massive government spending is accelerating crypto adoption.

Lummis made the comments while sharing an interview she did with “Varney & Co” on the Fox Business cable network on July 29, in which she called for a crypto regulatory sandbox and support to attract Bitcoin miners to set up in US states.

On Twitter she stated that “big gov’t spenders are (accidentally) doing far more to accelerate the adoption of digital assets than I am,” and asserted that the debasement of the U.S. dollar is driving citizens to store value in digital assets such as Bitcoin. Not that this was necessarily a good thing:

“BUT spending America deeper into a hole is a stupid, inflationary & altogether undesirable way to drive ppl to digital assets.”

“I want USD to continue as the world's reserve currency. We need to reign in spending & support financial innovation on US soil,” she added.

During the cable TV interview, Lummis gave her thoughts on the July 27 hearing held by the Senate Banking Committee regarding the risks of crypto and offered views on the regulatory landscape moving forward.

The Senator emphasized that the first step should be “good solid definitions” that are agreed upon in legislation and called for  “a regulatory sandbox where everyone understands the rules, but innovation can still occur unrestricted.”

Lummis stated that “we wanna make sure that Bitcoin can continue to serve as a good store of value,” and she appears view the asset primarily in that way. However, she did also note that if the U.S. were to follow El Salvador’s route and make BTC legal tender, it would need to be regulated under the bank secrecy act, anti-money laws and in a way that it can be “ferreted out” if it’s used illegitimately.

The Bitcoin proponent also said she wants to see the U.S. welcome and support crypto miners that are flocking to the country following the Chinese mining ban:

“We wanna make sure that these miners [...] can come to places like Pennsylvania, Texas, Wyoming and elsewhere. Where they can get the energy to mine it and then once it's produced that it can be on the blockchain in a way that enhances the non-fiat currency advantages that cryptocurrency has.”

Related: Law professor calls for crypto mining regulation during US Senate hearing

Lummis is a Bitcoin hodler who previously stated that she was excited to buy the dip in June, and has advocated for holding BTC as part of a retirement diversification strategy. However, her pro-crypto sentiments were not shared by Democrat senator Sherrod Brown and others during the Senate Banking Committee’s recent hearing.

“After a decade of experience with these technologies, it seems safe to say that the vast majority haven’t been good for anyone but their creators,” Brown said in his opening statement.

“They claim to enable ‘transparency.’ Their backers talk about the ‘democratization of banking.’ There’s nothing ‘democratic’ or ‘transparent’ about a shady, diffuse network of online funny money.”

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