Statement on Labor’s Crypto Fail

In the Senate report, I recommended regulating cryptocurrency through a market licensing system as well as token mapping. No choice is required. Both can be done. Australia is in the midst of a race for consumer protection, capital attraction and innovation. The Albanese Government is commissioning another review rather than responding to the Treasury consultation on crypto markets and custody. It is trying to create the impression that it is doing something when it is not. The government should get on with the job of producing a draft bill rather than further reviewing. Our competitors are enhancing their regulatory systems while we establish endless reviews. After three months in the job, the Minister Stephen Jones should be prepared to make a decision which doesn’t relate to his favourite vested interests. He should release a draft bill now. The draft bill should show how Australian consumers could be protected with capital requirements, key personnel tests, auditing and disclosure. Jones and Labor are failing Australian consumers. Future failures will be on their heads.

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