Senators Bragg and Lummis discuss the prospect of a crypto law collaboration between the United States and Australia.

Andrew Bragg, a senator from Australia, has met with United States Senator Cynthia Lummis to explore the prospect of cooperation between the two countries in cryptocurrency regulation.

Congressman Bragg is a crypto-friendly representative from the ruling Liberal Party, a centre-right conservative party that has been one of the major driving forces behind an innovative regulatory framework in Australia.

Last year, he represented the Senate Committee on Australia as a Technology and Financial Center (ATFC), which released 12 thorough regulatory ideas related to taxation, decentralised autonomous organizations (DAOs) and company licensing. Two months later, Treasurer Josh Frydenburg announced his intentions to start implementing at least six of the suggestions by mid-2022.

Since then, the bills have been modified and packaged into the Digital Services Act, yet its implementation is uncertain. Given that the federal election will occur in a few months, it’s unclear if the bill will be passed if Labor wins since it has not yet given a clear position on cryptocurrencies.

Bragg spoke with Lummis — who is known for his support of Bitcoin and other cryptocurrencies, as well as his holding of them — over a video call last week and informed Cointelegraph that the conversation primarily concerned “the prospects for regulatory equivalents.”

While he wouldn’t go into specifics, Bragg stressed the need to align on as many issues as possible with the United States, noting the historical link between them:

“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 and military. So, we want to be close to our friends in the United States on these issues as much as we can.”

“Australia has a long history of regulating digital currencies,” Campbell told the publication. “We’re looking at global standards for crypto regulation, and governments are attempting to create them.” In other words, both nations want to establish worldwide rules on cryptocurrency regulation. “The executive order from President Biden is similar to what Treasurer Fry

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

“It looks like they’ve been able to go ahead more quickly in getting various sorts of products on the market,” Bragg observed when it comes to collaboration or at least regulatory equivalence. “We’ll have to wait and see what lessons we may learn there.”

The two nations’ approaches to establishing a central bank digital currency (CBDC) are one area that might differ, according to Bragg, with the United States appearing more receptive. Australia’s Reserve Bank has said there is no pressing need for one because of the country’s rapid digital payment system, and Bragg warned that he was “very cautious”

“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.”

When asked if the election of Labor would jeopardise Bragg’s attempts to reform cryptocurrency in the last two years, he responded that he had no idea.

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

On Thursday, the MP for Bragg also made a speech at the Accounting Business Expo in Sydney, where he said that his political parties would strive to offer “good regulation” rather than 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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