The details and language of the proposed bill are obscure, so we don't really know what will happen if they do pass it. But, will it work? Or will the speculators, day traders, and buyers merely move to a friendlier overseas market? London or Dubai or Tokyo or wherever. The United States isn't the only commodities market in the world.
Remember Sarbanes-Oxley? It tightened up corporate governance and finance and added a terrible load of paperwork. Since Sarbox, new public offerings of stock and merger/acquisition activity left Wall St and settled down in London.
Can you say "shoot yourself in the foot"?