The Coinbase-backed advocacy group, Stand With Crypto, has launched its Australian branch as part of a strategic push to foster a regulatory environment favorable to cryptocurrency in the country. This move aligns with Coinbase’s broader objective of advocating for clear crypto regulations globally.
Tom Duff Gordon, Vice President of International Policy at Coinbase, outlined the initiative’s goals during the launch. He emphasized the need to shift public perception away from associating cryptocurrencies solely with negative activities like fraud and scams. Instead, the group aims to highlight beneficial blockchain applications through a combined grassroots and top-down advocacy approach.
At the launch event, Simon Kennedy, a member of the Australian House of Representatives, expressed optimism about the crypto industry’s future support, particularly from the Liberal Party, as the federal election in late 2025 approaches. Kennedy hopes for bipartisan support but assured that the Liberal Party would strongly back the sector.
Efforts to Influence Australian Crypto Policy
John O’Loghlen, Managing Director of Coinbase Australia, discussed how Stand With Crypto aims to assist Australian regulators in crafting reasonable policies that prioritize the crypto industry’s growth and stability. O’Loghlen expressed concern about the lack of regulatory clarity possibly driving away talent and innovation from Australia, a sentiment echoed by other local industry leaders.
In September, Swyftx CEO Jason Titman highlighted the hesitation among investors and entrepreneurs to engage with the crypto market due to unclear regulations. He advocated for clearer guidelines, particularly in the terminology used within existing regulatory frameworks overseen by ASIC, Australia’s financial regulator.
O’Loghlen criticized outdated regulations, such as those based on the Howey Act, which are ill-suited to the dynamics of modern digital assets and technologies, stressing the need for regulations that reflect contemporary economic activities.
Stand With Crypto has previously launched in Canada and the United Kingdom, part of a pattern of establishing presence in regions with significant crypto activities and potential regulatory evolution. In the United States, the group actively tracks political candidates’ stances on cryptocurrency, encouraging support for those favorable to the crypto industry.
Following the 2024 U.S. elections, Stand With Crypto reported significant success, with over 280 pro-crypto candidates winning seats, potentially influencing future pro-crypto legislation. The group is optimistic about the forthcoming Financial Innovation and Technology for the 21st Century Act, expected to pass in the Senate after a successful vote in the House.
The Crypto Way
The establishment of Stand With Crypto in Australia represents a pivotal moment in the broader narrative of digital finance. It underscores the growing recognition of cryptocurrency’s potential to redefine financial landscapes globally. By advocating for sensible legislation and showcasing positive use cases, Stand With Crypto aims not only to alter the public and political perception of cryptocurrencies but also to cement the foundational policies necessary for the industry’s long-term success. As digital finance continues to evolve, initiatives like Stand With Crypto play a crucial role in shaping the frameworks that will support the next wave of innovation, ensuring that cryptocurrencies and blockchain technology can thrive within a regulated yet dynamic environment.
Featured image credit: wirestock via Freepik
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