Separation of Supervision - Makes stablecoins almost same thing as cbdc.
AML/KYC - No privacy.
Transaction Freezing - They will freeze all stablecoins that are anonymous. They say they only require AML/KYC for large transactions but that's just officially. They also in the shadows do mass surveillance with coinanalysis to track all transactions and if a transaction is anonymous they will freeze it.

This is bad news but it's always bad news when there is progress with regulations. Crypto is meant to be unregulated and censorship resistant.

I will never use a stablecoin again. Expect many bitcoiners to be mad when they sell their bitcoin before bear season starts. Their stablecoins will be frozen.