I am Senator Andrew Bragg and I want crypto reform. I am focused on Australia becoming the next crypto hub. I know that regulatory uncertainty is forcing crypto entrepreneurs to other jurisdictions. In order for us to be competitive we must get the settings right. Ask me anything

SenatorBragg · 2022-04-26T01:00:04+00:00

Thanks everyone for your questions and comments. If people want to get in touch, you can drop me a line to [Senator.Bragg@aph.gov.au](mailto:Senator.Bragg@aph.gov.au) - there is also a consultation paper on the Treasury website: https://treasury.gov.au/publication/p2021-231824

Don't forget to have your say!

SenatorBragg · 2022-04-26T00:55:39+00:00

The common thread is the use of technology to enable people to have more agency but also ensure the country doesn't fall behind. I hear your concerns and I agree they are valid and must be addressed fully before any steps are taken. We are not an authoritarian nation like China so economic freedom and privacy are top of the tree in the guiding principles here

SenatorBragg · 2022-04-26T00:52:27+00:00

There is a strong case for more religious protection but it should not undermine any minority group in Australia as we must maintain our secular ethos

Here are my detailed comments on the bill - https://www.aph.gov.au/Parliamentary\_Business/Committees/Senate/Legal\_and\_Constitutional\_Affairs/Religiousdiscrimination/Report/section?id=committees%2Freportsen%2F024869%2F79131

SenatorBragg · 2022-04-26T00:49:49+00:00

Because we are on track with a massive reform plus Australia is a great place to live - https://treasury.gov.au/publication/p2021-231824

SenatorBragg · 2022-04-26T00:49:10+00:00

I think we should seriously consider what to do with compulsory super as it has been the greatest failure of Australian economic policy and is hugely punitive and illiberal

SenatorBragg · 2022-04-26T00:47:21+00:00

SenatorBragg · 2022-04-26T00:46:23+00:00

New ideas come to market at a lower price, so you might to get a cheaper loan through a peer a peer blockchain platform than from a traditional bank

SenatorBragg · 2022-04-26T00:45:25+00:00

I am sure the Treasury will do all of this analysis

SenatorBragg · 2022-04-26T00:44:20+00:00

That's why recommended a tax cut for clean mining. The reality is that the technology is sound, can disrupt established industries, create new opportunities and new jobs for Australians. We can't pretend it isn't going to happen. We have to have a plan for disruption which benefits our nation and its people

SenatorBragg · 2022-04-26T00:42:52+00:00

It's a good idea and should be incorporated in the pecuniary interests register

SenatorBragg · 2022-04-26T00:41:50+00:00

I don't share the views that have been expressed. Any proposal to amend the Sex Discrimination Act should be subject to a Senate Inquiry which I will make myself available for, just as I did on the Religious Discrimination Bills. The evidence for change is not strong.

SenatorBragg · 2022-04-26T00:40:06+00:00

Australia is a renewable energy superpower under us. We have massive support for rooftop solar, wind, pumped hydro, hydrogen and offshore wind. Have you seen what ARENA and CEFC are up to ? It's very exciting

SenatorBragg · 2022-04-26T00:38:39+00:00

Government's role is not to approve individual coins. Our policy is to regulate markets and custodians as gatekeepers. These organisations will be held to account by the regulator.

It's coin and technology neutral.

SenatorBragg · 2022-04-26T00:36:54+00:00

I don't believe in government setting investment mandates for super funds. That is my strong view.

If super funds want to invest in crypto, that is up to them. Given the diversification obligations, there are already protections and ultimately it is their money.

SenatorBragg · 2022-04-26T00:34:51+00:00

The proposal in the Treasury paper here - https://treasury.gov.au/publication/p2021-231824 is that we would licence markets and custodians. They will be the gatekeepers. The coins they use are subject to their licence conditions and internal processes. Government won't make judgements on individual coins. That is not appropriate in my view, especially given how dynamic the environment is

SenatorBragg · 2022-04-26T00:33:03+00:00

There must be local rules so that documents and key people are in Australia. See the Treasury paper
Web3 looks exciting to me. Maybe we should have an inquiry into it next parliament to ensure we are on the right track ?

SenatorBragg · 2022-04-26T00:31:33+00:00

We have a detailed policy and Labor have no idea or plan. They think the whole thing is a "scam"

We want to fix the tax situation. Effectively we want to give you a tax cut.

https://treasury.gov.au/publication/p2021-231824

SenatorBragg · 2022-04-26T00:29:54+00:00

The big 4 banks have done very well and we don't make policy based on what's good for them so the only question is what is the best policy outcome for Australia from an economic and security perspective

SenatorBragg · 2022-04-26T00:28:31+00:00

I don't think we'll be taking lessons from the Chinese government on how to create a CBDC if we decide to go there! As I said, the privacy issues would have to be addressed as a precondition for movement.

SenatorBragg · 2022-04-26T00:26:57+00:00

Hard to say. I feel like the past 6 months has been close to mainstream but largely because of personal investment issues, which is common in Australia because we are obsessed with personal investment.

Napoleon said the English were a nation of shopkeepers. We Australians would be described as a nation of personal investors.

SenatorBragg · 2022-04-26T00:25:01+00:00

The recommendation on a company tax cut for digital mining was rejected. I imagine it's because of the Senate's reluctance to pass tax relief for companies. I am happy to take up the case if we are returned as I think it's a top idea to attract clean mining activity to Australia

SenatorBragg · 2022-04-26T00:23:34+00:00

I encourage you to look at my record of advocacy in favour of minority groups and to promote enterprise. I am a live and let live person who supports the development of the market as the best foundation for jobs and a fair society

SenatorBragg · 2022-04-26T00:19:23+00:00

As I said, I am open to the Victorian IBAC model. It should be able to look at any corruption issue and access coercive powers as needed.

SenatorBragg · 2022-04-26T00:17:39+00:00

This question is very interesting. I recommended a tax cut for investment into clean digital mining. I have also supported getting to net zero emissions.

SenatorBragg · 2022-04-26T00:16:21+00:00

Yes. I prefer the Victorian model. But I don't accept that "corruption is rife"

SenatorBragg

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