ChainCatcher news: According to CoinDesk, John O'Loghlen, managing director of Coinbase Asia Pacific, said in an interview that they are worried about "continued regulation through law enforcement", which is "not helpful" for the overall direction of the industry before Australia's upcoming draft legislation. O'Loghlen said: "Given our recent active interactions with regulators that we have never had before, we hope to avoid continued regulation through law enforcement. With the recent approval of spot ETF products in Australia and the United States, there are obviously good macro themes and continued growth in consumer adoption. We want to make sure that before the draft legislation is introduced, we will not mess up the situation in this gray area." The Australian Treasury previously announced that it plans to release draft legislation by the end of 2024, covering the licensing and custody rules for crypto asset providers.
O'Loghlen said "we have been very vocal about our concerns about the potential for ASIC to continue to enforce the rules" in "four or five roundtables" held in recent weeks, although he praised the new ASIC team for being "very proactive" in engaging with "about 50 groups" in "very active conversations with all industry participants".