A major U.S. crypto platform CEO just flagged serious concerns about the proposed Senate crypto market structure bill. The sticking points? Effectively banning tokenized equities, slapping strict limits on DeFi protocols, and raising privacy red flags. There's also tension over regulatory turf—the draft could strip the CFTC of authority while expanding SEC control. Plus, certain amendments in the current version could create unintended obstacles for the broader ecosystem. The pushback signals ongoing friction between the industry and lawmakers on how to build functional crypto regulation.