The recent draft of the Crypto Market Structure Act advanced by the U.S. Senate Banking Committee has sparked significant disagreements within the industry. The CEO of a well-known compliant trading platform expressed serious concerns in a public statement, stating that if the bill passes in its current form, the situation for the U.S. crypto industry will be worse than it is now.

The executive outlined four core issues: First, privacy restrictions. The bill includes provisions that could ban DeFi, potentially allowing the government unrestricted access to users' financial records, posing a serious threat to user privacy. Second, limitations on tokenization. The draft effectively prohibits the development of tokenized stocks, hindering exploration in this emerging field. Third, regulatory power imbalance. The Commodity Futures Trading Commission's authority is being weakened, reducing it to a subordinate agency of the SEC, which could lead to regulatory chaos and stifle industry innovation. Fourth, the removal of stablecoin incentives. The revised provisions would abolish the profit-sharing mechanisms for stablecoins.

Based on these issues, the CEO bluntly stated: "Instead of passing a bad bill, it's better to keep the status quo." This remark has resonated in the market—stocks of related listed companies fell by 2.17% in after-hours trading, and investor concerns are evident.

This controversy reflects the deep-rooted conflict between the crypto industry and traditional regulatory frameworks. How to balance innovation with risk prevention remains a core challenge facing regulators.