Australia’s Senate Committee on Economics Legislation has finally provided feedback to the cryptocurrency bill introduced by senator Andrew Bragg.
The committee on Sept. 4 reported on the draft bill referred to as “The Digital Assets (Market Regulation) Bill 2023,” asking the bill authors to add some amendments.
The Senate particularly concluded that it would pass the bill with minor amendments such as removing the term nonfungible tokens (NFTs) from the definition of regulated digital assets.
Among other recommendations, the lawmakers asked the bill authors to exclude certain asset-based tokens — such as the Gold and Silver Standard and the BetaCarbon Token — from the definition of stablecoin. The Senate also asked to extend the transition period from three to nine months.
In the report, the Senate also urged the Board of Taxation to review the tax treatment of digital assets and transactions in Australia with a target to introduce legislation in early 2024.
The government should implement in full the recommendations of the Council of Financial Regulators for potential policy responses to debanking in Australia, the lawmakers added. The Australian Department of the Treasury previously admitted that the growing trend of banks cutting services to cryptocurrency firms could lead to unwanted consequences like driving the industry underground.
“The committee inquiry has demonstrated that the government’s approach to digital asset regulation is hurting Australian consumers and investment,” the document reads. According to the Senate, the bill by senator Bragg is the “first serious step towards implementing a comprehensive digital asset regulatory framework,” adding:
“The government has junked the ambitious crypto agenda of the former liberal government, and Australians will pay the price.”
Senator Bragg introduced the “Digital Assets (Market Regulation) Bill 2023” in March, aiming to “protect consumers and promote investors.” The draft bill provides regulatory recommendations for stablecoins, licensing of exchanges and custody requirements.
The latest report by the Senate Committee came a while after it was originally expected. The committee initially planned to provide a report on the bill by Aug. 2, but sought an extension of the reporting date to Aug. 16. The deadline was subsequently extended to Aug. 25 and then to Sept. 4.
The grooming gangs inquiry has been plunged into disarray this week before it has even started, as four survivors have quit the panel and two frontrunners for chairperson have withdrawn.
The inquiry was announced in June, but frustrations have grown over the pace of progress towards launching it, with pressure mounting on the government to appoint a chair and set out its terms of reference.
Survivors Fiona Goddard and Ellie-Ann Reynolds were first to stand down from their roles over concerns about who could head the inquiry and fears it may be “watered down” – something Sir Keir Starmer has denied, insisting that “injustice will have no place to hide”.
Both candidates shortlisted to lead the inquiry have now pulled out.
Here’s what we know about why panel members have quit and what the government has said in response.
Concerns over inquiry chairs
The resignations came after Sky News revealed the two shortlisted chairs for the inquiry were former police chief Jim Gamble and social worker Annie Hudson.
Image: Jim Gamble and Annie Hudson emerged as the leading candidates
Ms Goddard was the first to resign from the survivors’ liaison panel, expressing deep reservations about the candidates: “One has a background in police and the other, a social worker. The very two services that contributed most to the cover-up of the national mass rape and trafficking of children.
“This is a disturbing conflict of interest, and I fear the lack of trust in services from years of failings and corruption will have a negative impact in survivor engagement with this inquiry.”
The other survivors who resigned also took issue with the shortlisted chairs in their statements.
Please use Chrome browser for a more accessible video player
In a letter to Home Secretary Shabana Mahmood explaining his decision, Mr Gamble said it was “clear that a lack of confidence due to my previous occupation exists among some” and that he did not want to proceed without a consensus among the victims.
A Home Office spokesperson said: “We are disappointed that candidates to chair that inquiry have withdrawn. This is an extremely sensitive topic, and we have to take the time to appoint the best person suitable for the role.”
Speaking to Sky News after Mr Gamble’s resignation, Ms Reynolds said: “The minute that we found out their former employment, it raised red flags.”
She claimed they represented “the very institutions that have failed us” and that their views would not have been “unbiased” or “impartial”.
Please use Chrome browser for a more accessible video player
5:09
Survivor Ellie-Ann Reynolds speaks after Gamble withdraws
During Prime Minister’s Questions on Wednesday, Sir Keir said his government “will find the right person to chair the inquiry”, but did not mention names.
Ms Reynolds and other victims have called for a judge to chair the inquiry, but Sir Keir said he ruled that out because it would require all ongoing criminal proceedings to finish before the inquiry could begin, leading to lengthy delays.
“We’ve waited years for the truth,” Ms Reynolds said. “The timing really doesn’t matter. As long as we know that it’s going to be done properly and impartially… we would be able to wait to ensure that that’s done.”
Please use Chrome browser for a more accessible video player
2:14
PM explains judge stance and defends Jess Phillips
The full statutory inquiry into how cases of child sexual exploitation have been handled across England and Wales was announced by Sir Keirafter an audit by Baroness Louise Casey found children had been failed by the systems in place to protect them.
On Wednesday, Sir Keir said Baroness Casey would be working in support of the inquiry.
Claims about poor treatment of survivors
Ms Reynolds said survivors were “kept in the dark” and “treated with contempt and ignored” when they asked about Home Office meetings and decisions. She said it was made clear that “speaking openly would jeopardise our place on the panel”.
She told Sky News that victims were “gaslit” and “manipulated” during the process and they had “very little faith in authorities and systems”.
Similarly, Ms Goddard claimed a “toxic, fearful environment” had been created for survivors on the panel, with “condescending and controlling language” used towards them.
Safeguarding Minister Jess Phillips has said she “regrets” resignations from the inquiry and that it was “always sad when victims feel that they can’t take part in a process”.
Image: Safeguarding minister Jess Phillips has faced calls to resign. Pic: PA
On Wednesday, Sir Keir said: “I respect the views of all the survivors, and there are different views, I accept that.”
He added that the door was open for people to return to the inquiry panel if they wished.
Fears of ‘diluted’ inquiry
The survivors say they fear the inquiry could be diluted, suggesting the Home Office could broaden its scope beyond group-based sexual abuse and push for it to have a regional focus rather than being truly national.
Ms Goddard said the survivors had “repeatedly faced suggestions from officials to expand this inquiry” and that it risked being “watered down”.
Ms Reynolds said the “final turning point” in her decision to quit the panel was the “push to widen the remit of the National Inquiry in ways that downplay the racial and religious motivations behind our abuse”.
Ms Phillips said allegations that the inquiry is being diluted or intentionally delayed were “false” and that it would “remain laser-focused on grooming gangs”.
Ms Goddard claimed this amounted to the minister calling her “a liar” and said she should apologise and resign.
Ms Reynolds also said she believed Ms Phillips was “unfit for the role”.
During PMQs on Wednesday, Sir Keir defended the safeguarding minister, saying she and Baroness Casey were the “right people” to take the inquiry forward.
He insisted the inquiry “is not and will never be watered down” and that “its scope will not change”.
“It will examine the ethnicity and religion of the offenders, and we will find the right person to chair the inquiry,” he said.
‘They should start again’
The father of a grooming gang victim says the government “should start again” with the national inquiry.
Marlon West, whose daughter Scarlett was a victim of sexual exploitation in Manchester, told Sky News that public “faith” has been “lost”.
He described Ms Phillips in parliament this week as “unprofessional” and “defensive rather than listening to what survivors are saying.”
“I doubt she will resign but she has lost any kind of faith from the public, and more importantly with survivors and families.
He wants to see an inquiry with family members included alongside survivors on the panel.
“Not that I want to go on it, if I’m honest,” he said, “but it’s the families who are dealing with the services, not so much the survivors.
“It’s really important that they get family perspective. I think they should start again.”
Image: Scarlett and her dad Marlon
Government denies ‘watered down’ approach
Home Secretary Shabana Mahmood responded to the resignations saying the scope of the inquiry “will not change” and that it will leave “no hiding place” for those involved in the scandal.
In an article for The Times, she vowed the probe “will never be watered down on my watch” – and said it will focus on how “some of the most vulnerable people in this country” were abused “at the hands of predatory monsters”.
The home secretary also insisted the inquiry will be “robust and rigorous” – with the power to compel witnesses, and examine the ethnicity and religion of the offenders.
Speaking to Times Radio on Wednesday, Ms Goddard said the Home Secretary’s statement was “reassuring” but reiterated that Ms Phillips should resign.