As someone not from the US, i really dont know if this is good or not. For legal terms maybe to announce where you get wealth but also making you vulnerable to some hacks if possible in which i doubt. Because the goodside for me is that you can now declare it as a legal asset. I would want to see more of this in a few months if it successful or not. To know if its ok for my country also to pass a low regarding that bill.
The wording of the bill is alarming; it's definitely bad. By some interpretations, cryptocurrency investors would have to divulge holdings, and a host of individuals and services would be redefined as "financial institutions" overnight.
Regulation is inevitable. But this is decidedly bad regulation.
I think that concerns and support would be better directed at Coincenter. They are much more active and effective. For example, they filed briefs in the IRS-Coinbase case,
and they've been working on fighting this bill since June. Notably, in Jerry Brito's next tweet in the thread, he says:
Should be noted this same bill was previously introduced in 2015. Also, not much gets through Congress today.
So I'm not
too worried yet.