"(ii) is not substantially owned, oper ated, or controlled by a person, partner ship, or corporation that does not meet the 6 requirements under clause"
I'm really glad this is coming to light and I hope it passes. It will be very interesting to see how companies try to avoid it, but at first glance, it seems well thought out.
But, of course, it doesn't. Not even close.
By way of analogy, if someone looked at a link to a github repo and said "yeah well I can't see any GOTO 10 lines, I bet this will crash when the IP trace becomes Apache'd" I hope someone would be patient and polite in explaining the several levels of wrongness involved.
Civil jurisdictions don't have caselaw as an independent source of legal rules, but they still have cases and they still have interpretation. It is not uncommon for an ancient Roman jurist's opinion to be cited in argument in Scots law, just as it is not uncommon to cite very old English cases in Australian law. And it is also common to have civil codes in common law jurisdictions -- the criminal law I was taught was based on a statutory instrument which asserted itself to be the whole of the criminal law and which was frequently amended whenever courts began to accrete rulings around it.