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Australian government still dismissing crypto sector as ‘wild west’, argues blockchain association

In an Australian Senate Committee meeting, the CEO of Blockchain Australia, Steve Vallas, has warned the country risks falling behind on regulation due to the persistence of a dismissive “wild west” narrative.

Coin Telegraph reports that Vallas said Blockchain Australia strongly resists the notion that the crypto space remains “a bit of a wild west” and has been “very deliberately asking for the regulators to engage with us.” Tracing the narrative’s emergence to the 2017–2018 initial coin offering (ICO) boom, Vallas accused the Australian government of responding to the phenomenon with an overly passive “wait and see” approach.

“The landscape […] today is entirely different,” Vallas asserted. “We don’t see an appetite within Australia for ICOs, we don’t see the regulators comfortable allowing that to happen again, so we have a new chapter, but the narrative has persisted. […] When people don’t understand the space, the tendency is to lean in on the wild west, to lean in on nefarious and bad actors.”

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