Crypto has shown some rules are unnecessary or even harmful. They should be repealed, across the board. In other cases, many cases, it's reinforced some rules' necessity. Their scope should be broadened. That's what's going on here.
If the sole value of cryptocurrencies is in evading the rules, it's going to have a tough time.
> the cryptocurrency world does not care about the US Senate
Whether someone cares about the law isn't relevant to lawmaking or enforcement. (This attitude is also counterproductive. It leads to disengagement, which virtually guarantees more-onerous rules than would have been necessary.)
> will just end up being another "I promise I'm not a US person" checkbox when you sign up for cryptocurrency services
This, alone, is insufficient. AML duties aren't discharged by an "I promise I'm not a money launderer or tax evader" checkbox.
