If that gets adopted and implemented I think it will greatly hamper crypto in the United States, both in terms of development as well as investing.

Not only in the US because the US DoJ would probably go after any non-US based "Virtual Asset Service Provider" that didn't enforce KYC on non-custodial addresses from which crypto was sent to them or to which from crypto was sent from them because some of them could be owned by US citizens or residents. The US is the only country in the world that goes after entities beyond the limits of its jurisdiction like that. That's because the legacy of Bretton Woods makes the US think it still owns the global financial infrastructure. To an extent it still does. But that will all come to an end in the foreseeable future.

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