It only takes a few minutes to send a comment in and/or call your representative. The website standwithcrypto.org shows how to do it quickly.
The proposed regulation is here: Gross Proceeds and Basis Reporting by Brokers and Determination of Amount Realized and Basis for Digital Asset Transactions
This is devastation overbearing regulation that will require all CEXs, DEXs (ALL DeFi) to track to KYC/AML all US based customers. Expect most DeFi to leave the US if this occurs.
If approved it will go into affect staring January 2025 – only 14 months from now.