"First, there is a new entity that is considering issuing a brand new digital currency that is compliant with anti-money laundering laws unlike any other in circulation"
Sounds like the government is contemplating the rollout of a FedCoin.
"[The bill will] provide protection to cryptocurrencies that comply with certain minimum requirements..."
The certain minimum requirements clause is rather scary. It sure sets the scene for a central authority (the Fed) to enter the space and outlaw whichever cryptos they deem unfit because it does not "meet requirements".
Not so sure this is a bullish development, folks. Remain diligent and nimble!