The Australian Competition and Consumer Commission (ACCC) has raised concerns over U.S. President Donald Trump’s decision to ease crypto regulations, warning of increased risks for investors.
Australia Fears Rise in Crypto Scams
ACCC Chair Gina Cass-Gottlieb cautioned that loosening U.S. crypto regulations could create “horror scenarios” for Australian investors, leading to higher exposure to scams and fraud.
Speaking with ABC News, Cass-Gottlieb emphasized that global financial crime is growing more sophisticated, and deregulation in the U.S. could have international consequences.
Australia has already witnessed a surge in crypto-related scams, with $1.3 billion lost to investment fraud in 2023, making it a major concern for financial regulators.
Trump’s Pro-Crypto Policies Reshape U.S. Regulation
Since taking office, Trump has dramatically shifted his stance on crypto, transforming from a skeptic to one of the industry's strongest advocates.
His administration has:
- Formed a crypto task force led by White House AI & Crypto Czar David Sacks.
- Rescinded the controversial SEC SAB 121 rule, which imposed strict crypto accounting guidelines.
- Appointed pro-crypto regulators, including Paul Atkins to replace Gary Gensler at the SEC.
Under new leadership, the SEC has begun approving altcoin-based ETFs and is reassessing lawsuits against crypto firms like Binance and Coinbase.
Australia Stands Firm on Crypto Regulation
While Trump’s policies have been welcomed by U.S. crypto advocates, Australia remains committed to strong regulatory oversight.
The Australian Securities and Investments Commission (ASIC) is working on a new digital asset framework, aimed at protecting consumers while fostering blockchain innovation.
At the same time, AUSTRAC (Australia’s financial crime agency) has launched crackdowns on 13 crypto firms, enforcing stricter anti-money laundering rules.
With the U.S. embracing deregulation, Australia is positioning itself as a tightly controlled yet crypto-friendly jurisdiction, balancing innovation with investor protection.
