Tech entrepreneur and self-proclaimed ‘Crypto King’ Fred Schebesta has slammed Australia’s heavy-handed regulation, blaming it for stifling innovation and turning the country into a nanny state.
Schebesta, the co-founder of financial comparison platform Finder.com.au and a prominent crypto investor, argues that excessive government oversight is crushing prosperity—and he believes a Trump-style crackdown on red tape is the only way forward.
“People have lost hope for prosperity because of violent overregulation,” Schebesta said. “The government needs to stop suffocating innovation.”
ASIC’s Crypto Crackdown: A Legal Battle with Schebesta
Schebesta’s frustration with Australia’s financial regulators stems from his own run-in with the Australian Securities and Investments Commission (ASIC).
In 2022, ASIC sued Schebesta in the Federal Court over Finder Earn, a digital wallet that converted deposited Australian dollars into cryptocurrency and offered up to six percent interest.
The regulator accused Finder of operating without a financial licence and exposing customers to risks—a claim Schebesta vehemently denies.
“Suing companies and individuals for cryptocurrency businesses when there’s no law in place is like suing the Wright brothers before they had a pilot’s licence,” he argued. “It’s like the horse industry suing Henry Ford.”
While the court initially dismissed the case, the government quickly appealed the decision in April 2024—and Schebesta is still waiting for an outcome nearly a year later.
Trump’s Pro-Crypto Stance: A Model for Australia?
Schebesta is encouraged by how former U.S. President Donald Trump has embraced the crypto sector, rolling back regulations and positioning the U.S. as a pro-crypto nation.
“I think it’s refreshing,” he said, pointing out that Trump has reversed the Biden administration’s crackdown on crypto in just a few months.
The trend is beginning to take root in Australia, too. The Coalition has promised to be a ‘friend’ to crypto investors if it wins the upcoming election, echoing Trump’s pro-business rhetoric.
Is Australia Falling Behind in the Tech Race?
Schebesta believes Australia is lagging in global innovation due to excessive bureaucracy and risk-averse policies. While other nations are embracing financial technology, he argues, Australia is drowning in red tape.
The battle between financial regulators and crypto entrepreneurs continues to shape the country’s economic future. But as the debate over government intervention vs. financial freedom heats up, one question remains: Will Australia double down on regulation, or will it embrace the innovation that Schebesta and others are calling for?