Blockchain Aus CEO urges against following US and criticizes regulation by enforcement.

Blockchain Australia’s new CEO, Simon Callaghan, hopes that the Australian government will follow the example of the United Kingdom, Hong Kong, and Singapore in terms of regulating cryptocurrencies, rather than following the United States’ lead. In his new position, Callaghan aims to steer the development of rules regarding cryptocurrencies in Australia and avoid making the same moves as the U.S. Securities and Exchange Commission, which is currently suing the world’s two largest exchanges and has labelled at least 68 tokens as securities. Callaghan believes that regulation by enforcement is not the right approach for Australia to take. His appointment comes after nearly a year of limbo following the departure of Steve Vallas, the former CEO and industry advocate, in July 2022. Callaghan’s previous roles include a year as the Asia lead for crypto lender Celsius, as well as a stint at crypto lender Vauld. He will represent the association’s 112 members, including Binance Australia, Circle, Ripple, and Mastercard, all of whom are calling for clearer regulation. The Australian government has not taken a hardline stance on crypto, unlike American regulators and the Biden administration. The Treasury is currently conducting a “token mapping exercise” to determine how to classify various digital assets ahead of any legislation, which is not expected until at least 2024. Callaghan hopes legislators take inspiration from Singapore, Hong Kong, and the U.K., all of which are developing regulatory schemes that aim to balance innovation with consumer protection.

Opinion: Republicans who are maximalists in their support of cryptocurrency are almost as bad as Democrats who are part of the “anti-crypto army.”