Is there an analysis somewhere that isn't so, uh, /r/bitcoin? There's a kind of occasional Chicken Little style there that seems to add more heat than light.
ctrl+f "digital currencies" and you will see exactly how involved the bill is with Bitcoin.
You are right to suspect this is the reddit crowd over-reacting, and the amendment to the title is probably better. Basically, there is a proposition to include the words "Digital Currenc(ies/y)" into a few places in the bill.
I am somewhat reminded of an earlier court case from Florida where the judge dismissed charges involving Bitcoin because there was no legal definition for it. This bill is basically addressing that and presenting a legal framework for Money Laundering and Terrorist Financing investigations to allow investigation of Bitcoin as well.
The fallout from this can be interpretted by others, but this isn't a specific bill or "1984" attack on Bitcoin, it's adding digital currencies as part of a legal framework for two specific crimes.
edit: added "investigations" to the second paragraph to clarify that it presented a legal framework for such investigations.
This is pedantry at its worst.