A prominent crypto leader recently laid out his position without mincing words: this particular bill would actually leave crypto in a worse spot than where things stand right now. And frankly, passing nothing beats passing something flawed.

It's not that regulation itself is the enemy here. The real problem? The draft leans heavily toward protecting the existing banking establishment over fostering genuine innovation in crypto. That imbalance is why some in the industry see it as a step backward rather than forward.