Buoyed by
Trump win,
US• Экономика » Финансы » Платежные средства » Доллар США pro-crypto lobby
group opens Australian
outpost
Buoyed by Trump win, US• Экономика » Финансы » Платежные средства » Доллар США pro-crypto lobby group opens Australian outpost
By David Swan
November 17, 2024 — 9.30am
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Pro-crypto lobby group Stand With Crypto is hoping to capitalise on a wave of
momentum from Donald Trump’s decisive US• Экономика » Финансы » Платежные средства » Доллар США election win, launching in Australia
to push for crypto-friendly legislation and fight the technology’s “crypto
bro” image problem.
Using a flashy drinks event at Melbourne’s National Tech Summit to mark its
launch Down Under, the advocacy group has met with MPs and senators over the
past week to push for what it says is “sensible” legislation to regulate
crypto firms operating in Australia.
The group has been launched by Coinbase, the United States• Соединённые Штаты Америки (США)’ largest
cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта exchange, and is hoping that Australian politicians will be
spurred into action after witnessing crypto’s role in the recent US• Экономика » Финансы » Платежные средства » Доллар США poll. The
cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта sector won big in the elections: Trump promised the US• Экономика » Финансы » Платежные средства » Доллар США would
become the bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin superpower of the world, and the sector raised more than
$245 million from a mix of corporations and individual contributors to elect
pro-crypto candidates.
Donald Trump said during his campaign he wanted to make the United States• Соединённые Штаты Америки (США) “the
crypto capital of the planet”. Credit: Bloomberg• Объект бренды » Бренды на b » Bloomberg
The crypto sector outspent oil companies, banks and Elon Musk on the election.
Stand With Crypto developed a grading system for candidates across the
country, rating• Рейтинги » Рейтинг them from F to A on their stances.
“Our goal is to shift the narrative from crypto being viewed solely as a
speculative investment to recognising it as the future of finance and the
internet,” Tom Duff Gordon, vice president of international policy at
Coinbase, told this masthead.
“We want to help prioritise getting sensible and good regulation in this
space, and what we’ve done in the US• Экономика » Финансы » Платежные средства » Доллар США has been really successful. In that
election we had 1.9 million advocates sign up, and we had 400,000 in the week
before the election.
Tom Duff Gordon, vice president of international policy at Coinbase.
“It was a huge number of people, it was a big mobilisation and we ran events
up and down the country. We’ve launched it in the UK, we’ve launched it in
Canada, and we’re now bringing it to Australia because there’s a huge
opportunity here.”
Crypto has boomed following the election, with bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin surging past its
all-time high and now on track to hit $US100,000 within weeks. Its price is up
93 per cent over the year to date.
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Some 20 per cent of Australian adults hold some form of cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта,
according to Duff Gordon, but the nation finds itself at a regulatory impasse,
preventing further adoption and investment.
“We lack a licensing framework for crypto asset providers, so we’re lacking
certainty,” he said. “This government and the previous government have done a
lot of work with the industry, so we’re supportive of the direction, but we
need it to be actualised.
I don’t really see a role for [crypto] in, certainly in the Australian economy
or payments system RBA governor Michele Bullock
“It hasn’t been prioritised by the (Labor) government, so we would love for
them to step forward.”
It comes after Reserve Bank governor Michele Bullock this month poured water
on cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта, saying it has no role in the Australian economy or payments
system.
“I don’t understand it,” she said last Thursday. “But, you know, I don’t
really see a role for it in, certainly in the Australian economy or payments
system.”
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ASIC chair Joe Longo has also dismissed the recent rally in bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin and other
crypto assets, saying it was an example of “the bigger fool theory”: the idea
that people can make money on overvalued assets if those assets can later be
resold at an even higher price to a bigger “fool”.
ASIC has indicated it will regulate crypto under existing financial product
laws.
Crypto has commonly been linked with scams, fraud and criminal activity, and
Duff Gordon acknowledged crypto’s “image problem” but said that hadn’t stopped
major financial institutions globally, including Australian banks, from
exploring blockchain• Информационные технологии » Информационно-коммуникационные технологии » Информационные технологии и телекоммуникации » Базы данных » Публичная база транзакций » Блокчейн
• Высокие технологии » Информационные технологии и телекоммуникации » Базы данных » Публичная база транзакций » Блокчейн technology for more efficient digital payments.
“Yes, there were hiccups, but the industry has matured,” he said.
Michael Chmielewski, head of growth at Australian cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта exchange
Day1x, called crypto’s image problem a classic “few bad apples” situation.
“Much like the early days of the internet and the dotcom bubble• Телекоммуникации и связь » Компьютерная сеть » Интернет » Электронная торговля » Электронная коммерция » Пузырь доткомов
• Торговля » Электронная торговля » Электронная коммерция » Пузырь доткомов, though, the
strongest companies who take care of clients the most will ultimately rise to
the top,” he told this masthead.
“Crypto’s path forward is through delivering real-world value … The goal is to
reach a point where people use crypto and blockchain• Информационные технологии » Информационно-коммуникационные технологии » Информационные технологии и телекоммуникации » Базы данных » Публичная база транзакций » Блокчейн
• Высокие технологии » Информационные технологии и телекоммуникации » Базы данных » Публичная база транзакций » Блокчейн technologies without
needing to understand them, just as they now use the cloud without thinking
about the underlying tech.”
The Albanese government’s special envoy for cybersecurity and digital
resilience, Andrew Charlton, said the government is “100 per cent committed to
delivering reform.”
“I acknowledge and support the crypto industry’s proactivity in helping to
shape sensible regulation,” he said.
“Our focus is on regulating exchanges - not specific tokens. It is too big to
get wrong, and we’ve been working constructively with industry to get the
detail right.
“The Coalition failed to act for a decade and have no policy when it comes to
crypto. We’ve taken the time to consult with stakeholders so that we can get
this right. Our approach will protect consumers and support innovation.”
Liberal senator Andrew Bragg welcomed the launch and said the crypto sector
would benefit from stronger advocacy.
“Labor has dropped the ball and they have been able to get away with it. We
need hard timetables to get things done otherwise we will be a crypto
backwater,” he said. “Stand with Crypto can help us• Экономика » Финансы » Платежные средства » Доллар США avoid that outcome.”
While Duff Gordon remained tight-lipped about specific meetings during his
visit, he confirmed ongoing discussions with Australian officials.
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