More exchanges are getting regulated already, but some people just think there should be nothing called self custody and privacy. If this happens, it is modern slavery.
It will not materialize, she will be alone on this crusade because she is so ignorant of how custodial and noncustodial wallet works, we can consider her the enemy or FUDER of the Cryptocurrency industry, no one will agree to register his wallet because it means surrendering your funds and your financial status, there are a lot of loopholes in her proposition and aim to discourage the use of Cryptocurrency as a mode of payment
The legislation also seeks to outright ban crypto privacy tools.
This is against the ultimate goal and vision of Bitcoin, the whole world has adopted Bitcoin and Cryptocurrency because the banking industry failed to serve the needs of this generation.