Ask HN: Should startup founders with 25%+ ownership report it to US Treasury?

I saw a blog today that says:

"Corporations, limited liability companies, and other similar entities formed in the U.S. or foreign entities registered to do business in the U.S. must now report their beneficial owners (any U.S. or foreign individual who owns 25% or more equity interest in a U.S. legal entity) to the U.S. Department of the Treasury." [1]

Is this true?

[1] https://blog.armaninollp.com/tax/2021/01/12/new-law-requires-small-companies-to-report-25-owners-us-or-foreign/