TechFlow, on May 26, according to Decrypt, Australian Senator Gerard Rennick dismissed Bitcoin as a "Ponzi scheme" on social media on May 23, calling it "utterly useless" and "inedible," as Bitcoin price surged past its all-time high of $111,000. His remarks immediately drew strong opposition from the Australian Bitcoin Industry Body (ABIB), which warned that officials' "misunderstanding" could lead to poor policymaking. The controversy arises as the Australian government is advancing digital asset regulatory reforms, including plans to introduce an exchange licensing regime aligned with global standards such as the EU's MiCA, with draft legislation expected later this year.
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