The Australian Senate’s Economic Legislation Committee rejected the Digital Assets (Market Regulation) Bill 2023 proposed by opposition Senator Andrew Bragg, and instead recommended that the government continue to consult with the industry on developing digital asset regulations suitable for Australia’s purposes.
The committee’s report was consistent with partisan lines. The committee said the bill lacked detail and certainty and contradicted the government’s approach.
The committee said the bill was inconsistent with the international regime and raised genuine concerns about regulatory arbitrage and adverse outcomes for the industry.
Bragg, who represents New South Wales, criticized the veto, saying the Labor government had put cryptocurrency regulation in the slow lane.