Today is a big day for crypto in the US, because SEC will present its testimony about cryptocurrencies and their regulations before the US Senate. And the testimony was released on the Senate's website, which allows us to review the document and draw our own conclusions.
Of course, everything comes down to regulations and their scope. US Commodity Futures Trading Commission (CFTC) opts for changing current state of affairs with state-by-state licensing of crypto exchanges as money-transmission services. While the Commission doesn't have any regulatory powers, their stake is mainly in investigatory powers, to allow for SEC and CFTC lawfully extend their reach to exchanges for proper inspection, because as of now the exchanges' status as money-transmission service providers doesn't allow that.
The CFTC chairman also pointed out that they are open for discussions with the Congress whether further federal regulations are appropriate or necessary. Chairman J. Christopher Giancarlo expresses his opinion that he may be in favor of such regulatory and policy efforts to bring clarity and fairness to cryptocurrency space.
We'll have to wait and see, what decision Senate will come to.