There's a lot going on right now and though many are glued to the senate floor speeches or the press conferences talking about cryptocurrency and blockchain legislation (and its many flaws), many builders are ignoring it all and just continuing to build. Here's why:
The rules made by government are only as relevant as the people who support them. If governments lose that support, they resort to violence which ends badly for everyone. The emperor has no clothes. If the rules are absurd, people will ultimately side with freedom.
Blockchains, and the cryptocurrency rewards that secure them, are designed to remove third party intermediaries. The current financial system and its laws rely on third parties and uses them for control, surveillance, and (at least the appearance of) consumer protection.
The reality of these technologies is this: You can not stop them with a law (a ceremoniously written down threat of lethal force). You can delay them, but they are ultimately inevitable because they are the best ledger ever invented and money has always been a ledger.
That said, the current (or "legacy" as some of us say) financial system wants in on this crypto game. They want regulatory clarity. And yes, the crypto community hasn't done the best job of consumer protection where the only rules are own your keys and buyer beware.
So, this is a necessary if still seemingly irrelevant exercise. The United States Federal Government is about to show the whole world how relevant they will be to the future decentralized financial reality being created. If they get this wrong, other countries will benefit.
A final note to enforcers of the State: you gave an oath to protect the Constitution. If the US implements laws which violate individual freedoms, what will you do to protect those people? Uphold your oath. This tech is free speech. Don't be on the wrong side of history.