[wmf]

No, they say it's about taxes but there's much more in it. The bill appears to require everyone in crypto (exchanges, miners, stakers, maybe even software developers) to do KYC on every transaction. This either requires massive technical changes or more likely all those entities would leave the US.

[bko]

So if I send you Bitcoin without KYC, I'm breaking the law? And it would be trivial to detect if I ever crossed a major exchange

[wmf]

Honestly we don't know. The original bill is vague and there are two competing amendments that are being debated. It will take some time for this to shake out.