The scary part is not knowing how the law is going to be implemented - I am hopeful that smart people work on the implementation of it in terms of practicality.
If it is an on request thing "give us the details of terrorist@blah.com" then that is doable, but if they really want backdoor access to all accounts, then that is ridiculous amount of work and a lot of security risks to worry about.
Wait and see I guess.