They are trying to get this proposal passed but people are fighting back against it...As it is obviously stupid, not to mention insane given that Private Equity or Cryptocurrency cannot stand on their own two feet. These practices should just be allowed to fail because both are fiscally irresponsible and far too volatile to be trusted.

This was always the plan. Take in as much investment capital as you can get. When it dries up, and you can't get anymore loans from big banks, you go for the IPO via every and any loophole you can find. Then you extract as much wealth as you can, funnel it into a different company that you spin up, let the first company fail, get bailed out by the powers that be with tax payer money and buy up all the assets of the old company dirt cheap when the government or lenders inevitably liquidate everything to try to recapture their losses.