Crypto Market Update: Australian Senate Panel Backs Crypto Licensing Framework

Get the latest insights on Bitcoin, Ether and altcoins, along with a round-up of key cryptocurrencymarket news

Bitcoin (BTC) was priced at US$73,138.37, up by 2.2 percent over the last 24 hours.

Chart via TradingView

Bitcoin price performance, March 16, 2026.

Ether (ETH) was priced at US$2,243.90, up by 6.9 percent over the last 24 hours.

Altcoin price update

• XRP (XRP) was priced at US$1.47, up by 3.8 percent over 24 hours.

• Solana (SOL) was trading at US$92.89, up by 5.6 percent over 24 hours.

​Today’s crypto news to know

Australian Senate panel backs framework to regulate crypto platforms

Australia is moving closer to a comprehensive regulatory regime for digital assets after a Senate committee endorsed legislation aimed at bringing crypto businesses under existing financial services rules.

In a report released Monday (March 16), the Senate Economics Legislation Committee supported the Corporations Amendment (Digital Assets Framework) Bill 2025, describing it as a step toward modernizing oversight while maintaining consumer protections similar to traditional financial markets.

The proposed framework would introduce licensing and compliance requirements for companies that manage or hold digital assets on behalf of customers. Rather than attempting to regulate blockchain technology itself, the bill focuses on intermediaries such as exchanges, custodians, and digital token managers.

The changes would amend both the Corporations Act 2001 and the Australian Securities and Investments Commission Act 2001 to bring these firms under the country’s existing financial services framework.

Under the proposal, companies operating without an Australian Financial Services Licence would have six months to obtain authorization once the law takes effect. Crypto exchanges already must register with the Australian Transaction Reports and Analysis Centre (AUSTRAC) as digital currency providers before offering trading services in the country.

Crypto leaders rebut Ponzi comments

A fresh debate over Bitcoin’s legitimacy erupted after former UK Prime Minister Boris Johnson described the cryptocurrency as a “Ponzi scheme” in a newspaper column.

Johnson said he had long suspected Bitcoin operates as a speculative bubble and warned readers against investing in digital assets. His comments were sparked by an anecdote about a churchgoer who allegedly suffered financial losses after buying Bitcoin.

The remarks drew immediate responses from prominent figures in the crypto industry. Strategy co-founder Michael Saylor pushed back on the characterization, arguing that Bitcoin lacks the defining structure of a Ponzi scheme.

“A Ponzi requires a central operator promising returns and paying early investors with funds from later ones,” Saylor wrote on X. “Bitcoin is not a Ponzi scheme.”

Other industry voices echoed the criticism. Tether CEO Paolo Ardoino and Blockstream chief executive Adam Back both highlighted that Bitcoin operates as a decentralized network governed by code rather than by a central promoter.

Mastercard expands stablecoin push with new crypto partner

Mastercard is strengthening its digital asset strategy by adding stablecoin infrastructure firm Borderless.xyz to its Crypto Partner Program.

The partnership places the company among more than 85 crypto-native firms, financial institutions, and payments providers collaborating with Mastercard to develop blockchain-based payment solutions.

Borderless.xyz operates a network that connects digital wallets to more than a dozen licensed stablecoin issuers through a single API. According to the company, its infrastructure spans 94 countries and supports transactions across 63 fiat currencies.

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Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.