Firstly the new bill may take into account the huge tax revenue .
Huge tax revenue? Hardly. This bill would raise an estimated $28 billion in taxes from cryptocurrencies. Compare that to the $2.2 trillion COVID relief bill and the $2.3 trillion omnibus spending bill last year. Compare to the $1.2 trillion spending in this very infrastructure bill, and another $3.5 trillion in the next budget bill. And we now have a Fed balance sheet rapidly heading for $9 trillion. $28 billion in taxes is absolutely minuscule in comparison. You could gain multitudes higher than that by simply closing some (not even all!) tax loopholes that multi-national corporations use to avoid taxes. You could gain multitudes higher than that by removing the tax exempt status of religious organizations.
Secondly this bill may push a large number of participants, companies and individuals involved in the encryption field to go overseas, which will really stifle innovation in the U.S. encryption field.
Absolutely. The statement "Land of the Free" is little more than propaganda at this point.