Exchanges in the US are already co-opted and their over eager KYC allows the USG to track coins that originate domestically and a weapon against self custodial uses of coins from exchanges.
I think this is also is a way to bully offshore banks to not work with local Bitcoin exchanges. The complexity of if a tx does or does not fall afoul of these proposed rules will not be worth the risk of losing access to the US banking system.
I still don't think most government regulators realize the peril the state (and their job) is in. These regulations are just the start of them waking up.
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