Australian lawmakers are divided over the Digital Assets Bill, with the Senate committee advising against it.
The report asserted that the government’s approach to digital asset regulation was detrimental to Australian consumers and investment.
In a dissenting report, Senators Bragg and Dean Smith expressed a more favorable stance toward the bill. They suggested that the Senate approve it with some minor amendments.
Additionally, they emphasized the importance of fully implementing the recommendations of the Council of Financial Regulators regarding potential policy responses to the de-banking trend in Australia. The Australian Department of the Treasury had previously acknowledged that the growing practice of banks severing ties with cryptocurrency firms could have undesirable consequences.
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