I agree that the end effect will be largely what you suggest: aggregate activity in large institutions at the expense of smaller startups and decentralized prot

I agree that the end effect will be largely what you suggest: aggregate activity in large institutions at the expense of smaller startups and decentralized protocols. But from talking to people in the space, it seems that most of the large exchanges and hedge funds are vigorously oppose to this law. Bryan Armstrong (the CEO of Coinbase) has repeatedly and publicly criticized the bill. I'll cite Hanlon's Razor: Never attribute to malice what can be explained by incompetence. I think this is simply the result of what happens when we decide our government should be run by a bunch of octogenarian lawyers, most of whom's tech knowledge ends at their ability to reset their WiFi router. Is it really that surprising that Biden, Schumer, Portman, McConnell, Yellen, Pelosi, etc. have no understanding about how crypto works? They were all born before the charge card was even invented.