Seen this circulating and while I don't think it will pass;  just sharing.   It is a sweeping set of rules that would be a temporary blow to the market before being deemed worthless legislation.

https://old.reddit.com/r/Bitcoin/comments/pr7fow/new_shocking_us_crypto_regulation_far_more/

--snip

US Congress intends to regulate crypto on a level far deeper than currently understood―They will:

• Designate Bitcoin, Ether, and their hard-forks as commodities and regulate their transactions accordingly
• Create legal uncertainty for all other crypto projects and ICOs by allowing them to be labeled as securities
• Create legal uncertainty for all other crypto projects and ICOs by allowing them to be labeled as securities
• Ban the use of (unauthorized) stablecoins
• Introduce penalties for the use of mixers and privacy coins
• Rebrand smart-contracts that take longer than 24 hours to deliver as futures contracts and regulate them accordingly
• Re-define legal tender and change the way money is created by the Federal Reserve; and authorize the issuing of a digital USD of which all transactions are recorded
• Introduce foreign regulations into US law for all virtual asset service providers in the US (and with US clients). This would not be done to then never use it.