re: So what happens to Bitcoin now?

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The CFTC is debating whether or not to put bitcoin under their supervisory remit, which in essence will place all exchanges under the scrutiny and regulation of the CFTC.

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But that doesn't prevent exchanges from operating. They just will have to jump through regulatory hoops, which admittedly adds cost.

In the US, what I hope to see is that there is a safe and perhaps regulated way for people to get into bitcoins. I don't mind this type of regulation because it will make people feel like bitcoin is safe because the government is regulating it.

The key goal for bitcoin promoters like myself is to get people into bitcoin. If that means going through regulatory hoops, then fine...because even as you pointed out...

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Won't affect P to P usage obviously

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...once people are in bitcoin, it's game over for any chance at effective regulation.

Also, keep in mind that the US isn't the only country in the world, and that others have taken a different approach to bitcoin, such as Germany and even China.

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There is a clause in there that should make you worry about any chance of broad based acceptance. The CFTC is debating whether or not to put bitcoin under their supervisory remit, which in essence will place all exchanges under the scrutiny and regulation of the CFTC. Won't affect P to P usage obviously, but it will essentially deflate any chance of this getting wide acceptance in the form that you wish for it. This is what I was referring to when I previously made the point that regulators will not ever let something like this just freely go, and you said "if it happens then frick them for it". Hasn't happened yet but being debated.

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Bitcoin remitters are already being held accountable for AML purposes. The Treasury announced earlier this year that they view Bitcoin remitters the same as any other remitter in terms of AML compliance.