The best thing about crypto is that no regulations can do anything about it. And for that I am extremely grateful to all the people who made cryptocurrencies a thing.
Then why do crypto companies spend so much money on lobbyists?
In order to make money, fin companies need to operate in the clear.
In order to save for retirement, I do not.
Ordinarily regulation is favored by liberals and opposed by conservatives. This particular regulation flips that dynamic. As they say -- Follow the money. The exchanges want it so they don't have to deal with the SEC any more. The president wants it, mostly because it validates World Liberty Financial, meme coins, and the questionable money made ($500 million in reported revenue).