The U.S. Senate Banking Committee's draft legislation is reshaping crypto regulation in a major way. The proposal grants the Treasury Department new authority to designate foreign jurisdictions and crypto firms as money-laundering risks, directly restricting fund transfers tied to these entities. What's making waves in the market? The bill introduces a 30-day transaction freeze mechanism that requires no court order—a tool Galaxy Digital researchers have compared to Patriot Act provisions used post-9/11. This marks a significant shift in how regulators can respond to perceived threats without judicial oversight. For crypto traders and institutional players, this signals tighter compliance frameworks ahead. The ability to freeze transactions without court approval raises questions about due process in the digital asset space, while the designation power could reshape which jurisdictions and platforms face operational challenges. Market participants are closely watching how this draft evolves, as it could fundamentally alter cross-border crypto transactions and exchange operations.