Galaxy Research warns that a draft of the Cryptocurrency Market Structure Act in the U.S. Senate will grant the Treasury Department the largest expansion of financial regulatory authority since 2001. The provisions of the draft include new powers for the Treasury to implement "special measures" on digital assets, as well as a framework to allow freezing transactions without a court order. Industry insiders point out that the draft creates regulatory gaps, especially in commercial payments, as it struggles to balance compliance, privacy, and the technical realities of decentralized systems.