There are quite a few people that have completely lost faith in the government, especially as it expands its powers by exploiting fear in the masses, to handle newly acquired power with the responsibility we would expect them to have. We've already learned the federal government does not give up power, so when it takes steps in this direction it's worrying to some of us. There is no way to reverse this now, this will be acceptable policy for the foreseeable future.
Next the limits to what gets flagged will be lowered. Eventually the banks wont be trusted to flag anything, and all transactions will be filtered by the government for later analysis.
I don't blame anyone for calling that outlook one of a conspiracy theorist, or an unhealthy cynic.