So, if this goes through, would this make crypto-currencies competing currencies and therefore illegal? I'm unsure how the regulatory actions of counterfeiting

So, if this goes through, would this make crypto-currencies competing currencies and therefore illegal? I'm unsure how the regulatory actions of counterfeiting and competing currency laws work, which is how I ask... would this have to be written into a separate law, to outlaw or regulate the current crypto market, or would it already be folder into the current legal structure when/if the USD became a "digital dollar" with a similar format? After a quick glance, it is mentioned that this form of digital currency is made in an attempt to cut down on financing illegal operations, so there would be some sort of ID'd blockchain tied into this... I would assume. Simple enough, put your social in with the block chain. Not a huge amount of memory more, I guess. My understanding of the block chain isn't extensive. I can only assume this is a backdoor route to exterminate uncontrolled currencies, which would make the above make sense... or are those just "traded goods" at this point, like baseball cards, or Beanie Babies? Or can those be, practically, made illegal?