There are major loopholes in that, according to Mark Hays, who focuses on crypto and financial-technology issues for Americans for Financial Reform and Demand Progress. For starters, he said, it affects only public companies and not private ones, such as X and TiKTok. "There's already a way that large tech firms that aren't public could become issuers without adhering to these new standards," he said. Also, he added, "it's quite possible under this bill that a public company could secure an interest in a non-public company, and that's another way around it."