US crypto bill could expand government surveillance, report warns

A draft cryptocurrency market structure bill being discussed in the U.S. Senate Banking Committee could lead to a significant expansion of government financial surveillance, according to an analysis by Galaxy Research. Decrypt reports that the research firm pointed out the bill could grant the U.S. Treasury Department the authority to suspend digital asset transactions without a court order, expand its special measure powers over digital assets, and provide a regulatory basis for DeFi. Galaxy Research added that there are also concerns about potential privacy violations and the stifling of industry growth.