Recently, the Senate Banking Committee has been pushing forward a crypto market structure bill, and industry insiders warn that this draft could cause significant trouble. In simple terms, the U.S. Treasury Department may gain unprecedented powers—including the ability to directly freeze digital asset transactions without court approval.

What does this mean? Some compare it to the largest expansion of surveillance powers since the 2001 Patriot Act. DeFi sectors should pay particular attention, as regulatory intensity could reach this level.

The core of the draft is to grant the Treasury Department broader "special measures" authority. In other words, regulatory discretion would be significantly increased. For exchanges, wallet providers, and even on-chain applications, this could mean major adjustments to operational rules.

This is not just a policy document change but a direct impact on the operational logic of the entire crypto ecosystem. Market participants need to closely monitor subsequent developments.