Ok, I read the bill. The whole bill.

I believe HR 4763 is largely positive. It clearly protects all developers and operators (node runners, etc) from underlying liabilities, offers good definitions for what "brokers"/"dealers" are, defines what a decentralized network is, separates self-custody from custodial systems, and requires opensource/open access at the core of "Blockchain" networks.

It also clarifies the legal framework for issuing digital tokens, including the private sale of digital assets by the inner circle and issuance changes as long as disclosed with specific agencies and in an appropriate time schedule from the sale. The same framework also creates a path for issuers to certify that their assets are decentralized with each agency.

The only missing element is about mixing services. I think they just fully ignored the whole activity.

A good excerpt is this:

The Financial Crimes Enforcement Network may not issue any rule or order that would prohibit a U.S. individual from—

(A) maintaining a hardware wallet, software wallet, or other means to facilitate such individual’s own custody of digital assets; or

(B) conducting transactions and self-custody of digital assets for any lawful purpose.

Obviously, this whole thing is very complicated and I am neither a lawyer nor a policy expert. But the text looks good from an engineer's standpoint.