Coinbase executives met with Australia’s central bank and treasury last week to discuss the future of crypto regulation in the country.
Gordon said that the meetings touched on the government’s token mapping efforts, and Coinbase also “shared insights on global best practices concerning licensing and custody.”was announced on Aug. 22, 2022, and is aimed at categorizing digital assets in a way to work them into existing regulatory frameworks.was released by the Treasury on Feb. 3, for which the Treasury sought feedback from the crypto industry.
Gordon praised efforts from the Treasury, noting that “The Australian Treasury teams continue to impress us with their high level of sophistication and active involvement,” and adding: “The Australian Treasury's token mapping exercise provides one of the most detailed and thoughtful papers we have encountered on the topic, setting a strong foundation for their forthcoming draft rules for crypto exchanges and custodians.”
Gordon expressed his desire to see the rules “later this year,” adding that he appreciated “the Treasury's comprehensive groundwork.” In contrast, Coinbase’s co-founder and CEO Brian Armstrong has been critical of the approach to crypto regulation in the United States, echoing accusations that the Securities and Exchange Commission is “regulating by enforcement” and claiming that the SEC wants firms to register with them despite there being no way to register.“Using enforcement actions to tell people what the law is in an emerging industry is not an efficient or fair way of regulating.
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