Senate crypto bill may vote on Thursday, with regulatory boundaries and privacy risks as focal points

【CoinPush】The U.S. Senate plans to revise and vote on the new cryptocurrency legislation on Thursday morning. A CEO of a major exchange recently stated on social media that the company does not support the current version of the bill, bluntly saying “it’s worse than having no bill at all in its current form.”

The core points of the bill involve several major aspects: clarifying the regulatory responsibilities between CFTC and SEC, defining classification standards for digital assets as securities or commodities, and introducing new disclosure rules. It sounds like a regulatory framework overhaul, but there are issues with the details.

The CEO pointed out two key risks. First, the DeFi ecosystem and stablecoin yield mechanisms could be severely impacted. Second, some provisions grant excessive powers—potentially allowing the government to “indiscriminately access personal financial account information,” which effectively undermines user privacy protections and contradicts the fundamental principles of the crypto world.

Industry analysts believe that this public opposition from the exchange carries significant weight and could influence the final voting outcome. How to establish the regulatory framework still remains a contest.