The bill implicitly classifies everything as a security, leaving room for the SEC to exploit bureaucratic procedures to crack down on US crypto projects. DeFi is completely ignored—Uniswap got nothing, prediction markets got nothing, and even Armstrong's yield-generating stablecoin didn't get a piece of the action.

The greater hidden danger lies in the fact that there is a great deal of room for subsequent rule-making, and this bill could be weaponized at any time, while it does not cover the core issues that are truly important to the industry at present.

Supporters say "it can be amended later"—so why rush to pass it now?