A senior executive from a leading compliant platform recently stated that they have reservations about the cryptocurrency bill proposed by the U.S. Senate Banking Committee. He pointed out three core issues with the bill: first, the substantial ban on tokenized securities is too broad; second, restrictions on the DeFi ecosystem will severely hinder innovation and development; and third, the revised provisions for stablecoin reward mechanisms clearly favor traditional banking interests, suppressing market competition vitality. This stance reflects the divergence between the cryptocurrency industry and regulators in balancing policy—ensuring financial security while leaving room for Web3 innovation. Relevant discussions are expected to be further advanced in upcoming hearings.