According to Deep Tide TechFlow, on May 26, Australian Senator Gerard Rennick referred to Bitcoin as a 'Ponzi scheme' when its price surpassed $111,000, sparking strong opposition from Australia's Bitcoin industry organizations.
The agency warns that misunderstandings by government officials could lead to poor policy. This controversy comes at a time when the Australian government is pushing forward digital asset regulatory reforms, planning to introduce an exchange licensing system and align with global standards like the EU's MiCA, with relevant legislative drafts expected to be released later this year.