There are rumors in some circles that U.S. residents would only be able to store their cryptocurrencies in the future at centralized service providers. Of course, it’s just a rumor, but maybe there’s a basis for another failed attempt. Especially considering the recent release of a bill that wants to regulate stablecoins, but experts say bleeds from thousand wounds, so bad.
Technically, after such a ban, Coinbase, Kraken, or Gemini would face serious consequences if they were transferred to an unlicensed wallet, so the danger could be real. The industry would certainly react with a heavy brake at first, then there would be big moves, and the US, as a national economy, would lose a big part of its technology sector (tax payments, jobs, GDP from the crypto-related businesses) in the blink of an eye.