My thoughts are that if you're not planning for an Orwellian Nanny-State who will demand access to all your private keys, you're probably not going to be able to scale up to the UK and China.
HN readers will be designing business models with that in mind.
Not saying this is "old news," just that the actual bill that aligns the US with China in terms of human rights violations will not affect startups as much as it will affect large incumbent businesses: Apple, Reddit, Google, Amazon, etc.
Those incumbents will continue to make money right up until they are disrupted by startups who can route around the internet damage caused by the US spying infrastructure. [1]
So here's a toast to the first HN company that succeeds.
[1] https://en.wikiquote.org/wiki/John_Gilmore, from the perspective that spying has chilling effects and is part of a total censorship program.