Collaborative Regulation: How Australia’s Approach to Crypto Can Illuminate the Path for the US

Blockchain’s potential is typically linked only to cryptocurrencies, but the technology’s applications are enormous and disruptive, influencing many areas of society. Roundtable host Rob Nelson and Banxa co-founder and CEO Holger Arians recently discussed the technology’s many potential uses. Nelson said that blockchains’ impact in fields like infrastructure, supply networks, and data collection would be significant even if they weren’t used for cryptocurrency. Arianeans agreed, emphasizing the emancipatory potential of modern technology.

The crypto world is evolving rapidly, but this brings new concerns, particularly in the realm of regulation. Nelson voiced his displeasure with the way the US regulates cutting-edge technologies using antiquated policies and procedures. In contrast, Arians argued for the advantages of a collaborative regulatory system, where rules are updated in concert with industry knowledge, based on his experience in Australia. This approach encourages openness and new ideas. Bitcoin spot exchange-traded funds (ETFs) in the United States were also considered, with Arians holding the opinion that their approval would considerably increase adoption, confidence, and industry growth.

Key Takeaways:

It’s not only about Bitcoin and Ethereum anymore; Blockchain’s potential goes far beyond digital currency. Authenticity, identities, and even entertainment may be rethought as a result of its impact on industries like infrastructure and supply networks.

The United States confronts difficulties in regulating the cryptocurrency business due to the difficulty of adapting laws written a century ago to the realities of blockchain technology. Collaboration between government and business, as shown in Australia, can lead to more efficient regulation.

The potential of Bitcoin ETFs is that they will be a game-changer if Bitcoin spot ETFs are approved in the United States.

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