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Anyone celebrating this bill without reading it is either compromised or asleep at the switch. I went through all 278 pages. This is a setup.
I've been trading and building since 2012—that's over a decade watching governments play dumb while systematically constructing guardrails around the entire ecosystem. The pattern never changes: confusion in public, precision behind closed doors.
The supposedly pro-crypto promises? Look closer. What's actually being codified favors centralized platforms over truly decentralized infrastructure. The devil lives in definitions—how they frame "custody," "intermediary," "transaction reporting." Each word choice locks down how the entire industry operates.
This isn't about regulation or compliance. It's architectural control disguised as consumer protection. By the time retail notices what happened, the lanes are already painted.