I'm going to make the argument that HR 4763 will kill P2P exchange systems, software, services, and burden those who developed or support these exchanges with registering and force them out of the market. There will be no more private ways to exchange cry

So far, I've found that Title I Section 102 (59) defines a "Digital commodity exchange" as:

"The term digital commodity exchange means a trading facility that offers or seeks to offer a cash or spot market in at least 1 digital commodity."

Section 103 (1) Further defines terms by using the existing terms found in 7 U.S.C. 1a. loops in the term: "Alternative trading system", which is bound to ensnare P2P trading systems such as RoboSats, BISQ, and many others.

Title II Section 301 (b) (84)

The term digital asset trading system—

A) means any organization, association, person, or group of persons, whether incorporated or unincorporated, that constitutes, maintains, or provides a market place or facilities for bringing together purchasers and sellers of restricted digital assets or for otherwise performing with respect to digital assets the functions commonly performed by a stock exchange within the meaning of section 240.3b–16 of title 17, Code of Federal Regulations, as in effect on the date of enactment of this paragraph; and

So basically, this bill looks like it will kill P2P markets through regulation requirements. The only way to efficiently trade crypto currencies will be a regulated exchange where there will be no privacy. Person to person trades can still take place, but finding people looking to trade will be near impossible.