This is probably one of the biggest attacks in freedom of bitcoin users in the USA. So, in a nutshell, there cannot be anonymous developers, neither usage of privacy preserving cryptocurrencies (e.g., Monero, ZCash). Instead, developers must register officially and have license to operate.
Wait, there's more bureaucratic, dystopian nonsense. As written in
the bill, owners of digital kiosks (lol) shall report who they are every once in a while. Running a node (Bitcoin full node, LN node etc.) is illegal otherwise. Specifically, according to the 6th page, you must submit your name, phone number, physical address and date of birth to the provided government-issued form every once in 3 months. A year after this bill is approved, the FINCEN ought to identify unlicensed node operators, and the DEA shall issue a report identifying recommendations to node operators to reduce drug trafficking.
Absolutely ridiculously oppressive. I hope the rest politicians disapprove this. I'm not in the USA, but I'm feeling that a sufficient part of the republican party won't pass this on, even though republicans are fine with government spending and other such nonsense nowadays. Ironically, one of the authors of this bill, Roger Marshall, is a republican.
