From what I can glean, it's another sort of mass surveillance, wherein the provider of a chat service would be required to monitor communications for "suspicious activity"
Basically, the government is once again asking for unrestricted access to your personal life "for your own good"
I always thought the "see something, say something" tag-line was creepy as fuck and don't understand why everyone doesn't get the same vibe. It's common sense that if you see someone being harmed or in a harmful situation you speak up. But this is just a blanket "see something" which feels like a dog whistle for all the nosy and paranoid people to spy on everyone and it's for the best. I guess we'll have the same personalities in search algorithms going forward -_-