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Sometimes I wonder what led us down the path of idiocy and then I see takes like this which show how far the education system has fallen. Starting off at the most basic basic level this bill directly states Bitcoin is protected so boom bam whadda wam its fine. Second and a little bit higher thinking than I think you are used to or can do... Laws get nuked all the time in the US for creating favoritism. If you want to protect BTC you have to protect crypto you cannot exclude others from protection without lawsuits and then the law being struck down.
Except... bitcoin and shitcoins ARE different. Looking at the Howey test: for example eth is clearly a security imo. Bitcoin clearly is not.
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You might thing a 1939 law links with ETH if you want but I don't. I see ETH almost as an internet of sorts but the internet isn't a security. Both require things to operate within them and esp in the internet's founding it was hella expensive to have internet those AOL free trial CD's were practically gold.
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However, that being said, I would basically abolish securities law too, so...
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