Tom Duff Gordon has been raking in the frequent flyer miles.

As Coinbase’s vice president of international policy, he’s responsible for trying to sway lawmakers from London to Brussels to Delhi on favourable crypto rules.

And given the dizzying pivot by the US since the election of President Donald Trump, Gordon says he’s as busy as ever.

“It’s a phenomenon,” he told Inside Solana on the sidelines of Policy Week, an event bringing together lawmakers and members of the crypto sector in Sydney, Australia.

“Since November, there’s certainly been an uptick in interest, awareness of what’s happening, and flights boarded.”

‘Informal pressure’

Gordon’s jet-setting is already paying dividends for the listed crypto exchange, which sports a $48 billion market capitalisation.

On March 11, Coinbase won approval from India’s anti-money laundering regulator. Three years ago, the company left the world’s most populous nation amid regulatory scrutiny and what Coinbase CEO Brian Armstrong called “informal pressure” from the country’s central bank.

It’s an important step in reentering a crucial market for the US company, said Gordon.

And, he says, it’s another reminder of the US’s ability to set the tone globally on even the most inconspicuous of issues, such as the future of digital currencies.

In just a few short weeks of entering the White House, Trump quickly signed an executive order to overhaul American policy on digital assets, teased a multi-billion dollar crypto spending spree, and steered America’s top financial watchdog to drop or delay some of the industry’s highest-profile lawsuits.

In February, the Securities and Exchange Commission’s scotched the agency’s lawsuit against Coinbase over allegedly failing to register as an exchange and a broker-dealer.

“The bit that’s been most relevant in Australia has been the SEC’s position,” Steven Vallas, the managing director of the industry group Blockchain APAC, told Inside Solana.

He launched the series of events that make up Policy Week.

‘There are Australians out there who care about this and will vote for candidates who are in favour of crypto.’

—  Tom Duff Gordon

The Australian Securities and Investment Commission has historically aligned with the SEC, especially regarding crypto.

“One of the questions is, ‘What happens now that the US is dislocating from the position it’s held pretty firmly in the last few years?’” said Vallas.

A spokesperson for ASIC told Inside Solana the agency takes a facilitative approach to regulatory guidance and that any changes to the current law are a matter for the government.

Meanwhile, Joseph Longo, the chair of ASIC, has long warned investors about the high risk and volatility of investing in cryptocurrencies.

On March 13, Longo affirmed that sentiment during a panel event hosted by the Institute of International Finance and Australian banking giants Westpac.

“For the retail punter and investor, if you invest in crypto assets, it’s only sensible to be cautious,” he told the audience.

He added that ASIC constantly reviews its regulatory guidance amid renewed interest in the sector.

“There’s no doubt, at this point in time, the interest in crypto has returned in Australia,” said Longo.

‘They want crypto votes’

But Gordon says his team is focused less on how Australia’s securities regulator treats crypto. Instead, he’s hoping to get lawmakers’ ears weeks out from national elections Down Under.

With anywhere between 20% and 30% of Australians holding crypto, the Coinbase exec is convinced that the industry’s future is a key matter to many voters.

“There are Australians out there who care about this and will vote for candidates who are in favour of crypto,” he told Inside Solana.

Vallas says politicians across the spectrum are also paying close attention.

Though the conservative Liberal Party in Australia has been more open to crypto, the left-leaning Labour Party is taking a softer line to win reelection this spring.

“What happened in the US made the Labour Party more attuned to the potential political impact,” Vallas told Inside Solana.

“They want crypto votes.”

Crypto legislation

In Washington, Congress is moving quickly on advancing crypto legislation.

On March 14, a Senate committee advanced a landmark stablecoin bill to a full chamber vote with the help of five Democrats.

The US crypto regulatory pivot It’s also sparking different jurisdictions to reassess their positions on crypto.

“Countries that have a regulatory framework are thinking about how to capitalise on an existing framework,” Gordon said.

“Countries that don’t are looking very closely at how to accelerate plans to put those things in place.”

Chengyi Ong, a policy lead for analytics firm Chainalysis in the Asia-Pacific region, said that though certain jurisdictions like Japan, Hong Kong, and Singapore quickly set out crypto regulations, neighbouring jurisdictions are now playing catch up.

“One way or another, the US is always an agenda setter in the international policy space,” she told Inside Solana.

“All eyes are always on what’s happening in the US.”

Liam Kelly is a Berlin-based reporter for Inside Solana. Got a tip? Email him at liam@dlnews.com.