These politicians in the House have dithered for so many years, and now they finally come up with a regulatory draft! But at least it's a first step — the bill clearly prohibits the Treasury and FinCEN bureaucrats from reaching into self-custody wallets! These vampires are always thinking about how to monitor the assets of ordinary people, and now they are finally being held back by the law.
But don't be naive, this broken bill is still far from being implemented! Hearings, squabbling, lobbying, compromises... The bureaucratic assembly line in Washington won't produce results without a few years of turmoil. Those two useless agencies, #SEC and #CFTC , will surely still fight for territory. Research on DeFi and NFTs? Ha, by the time they finish their research, the industry will have already cooled down!
