Part 10/15:
Implementation of these rules would impose enormous bureaucratic burdens on users and service providers alike. For instance, entities like cryptocurrency exchanges, which are already regulated under the Bank Secrecy Act, might be required to report digital transactions over $10,000. However, the bill’s vague language, combined with the existing regulations, could lead to inconsistent enforcement and technical challenges—such as valuating volatile assets like NFTs or cryptocurrencies at the time of transfer.