The Australian consumer surveillance dog rings the alarm compared to the American president Donald Trump, softening cryptographic regulations, fearing a potential increase in investment scams targeting Australian consumers.
While Trump puts forward with his vision of making the United States the “Crimpo Capital of the World”, the president of the Australian Competition and Consumer Commission (ACCC), Gina Cass-Gottlieb, warned that her promise as Facilitating monitoring of cryptography in the United States could create “horror scenarios” for vulnerable investors.
Cass-Gottlieb told Australia ABC News This, “any weakening of this regulation is worrying for us”, adding that the relaxation of cryptographic regulations associated with an increase in global crime of cryptography could increase the risks for consumers.
“This is an environment- because the sophistication of world crime, and also because potentially” releasing “regulations- that we certainly have an improved concern,” said Cass-Gottlieb.
The concerns of the president of the ACCC arise while the last figures of the agency show that the Australians have lost more than $ 1.3 billion against investment scams in 2023, with the crypto directly or indirectly involved in the majority of these scams.
Trump’s cryptography position
President Trump’s position on the crypto has evolved considerably since his previous skepticism, and he is now positioning himself as an ardent defender of the industry, following promises of the electoral campaign.
Even if he placed orders linked to cryptography on the first day of his presidency, the nation is now going forward with pro-Crypto policies, with plans to introduce a bill on market structure and A bill on differences, according to the latest reports.
Since he entered the White House, the American president has launched a working group, led by the AI of the White House and the Cryptographic Tsar David Sacks, seeking to shape the future of cryptographic regulations in the States- United, potentially for the benefit of the sector.
Trump administration has also promised to reduce regulatory charges, with American titles and the controversial rule of the commission (SEC) SAB 121 canceled under the direction of Commissioner Hester Pierce, head of the new working group in crypto of the agency.
He also hired Pro-Crypto leaders such as Paul Atkins as a successor to the anti-Crypto Gary Gensler, because the latter’s aggressive approach to the crypto caused nightmares in space.
The president also appointed Mark Uyeda, a former commissioner known for his cryptographic friendly position, as acting president. Under its direction, the SEC already recognizes FNB based in Altcoin and relieves its position on the prosecution against cryptographic giants like Binance and Coinbase.
While Trump’s recent actions have been applauded in the American cryptography scene, Australia maintains stricter regulations to protect its consumers.
The Australian government is working on a new bill to more effectively regulate digital asset intermediaries via the INFO-225 consultation document, seeking to create a regulatory framework by the end of the year which promotes innovation everything By guaranteeing consumer protection.
The Australian Securities and Investments Commission (ASIC) has particularly expressed potential risks, with its digital assets, Rhys Bollen, comparing Bitcoin to “cigarettes used as currency in prisons” at a meeting discussing new regulations.
In addition, Austrac (Australian Transaction Reports and Analysis Center also takes measures against non -compliant companies in the cryptography sector.
The recent repression of the agency against 13 companies for having failed to meet the requirements for the fight against money laundering sent a clear message on the government’s commitment to limit crime linked to cryptography.
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