Well, it's about time for everyone to at least remember where their torches and pitchforks are stowed.
US resident Wetfishians should take the time to dig up whom their Congressman/woman/ghoul is, and tell them where they stand on this.
The act is going to expose companies and individuals to legal liability, if they offer communication services with encryption, without a back-door, or peek-ahead view of the message content. This will effectively kill encrypted communication for private citizens in a "Think of the chill'ens!!!!!" rights grab.
And yes, this means that encryption on wetfish IRC would be subject to said legal liability.
IANAL, nor am I a US resident, so I can only forewarn my neighbours to the south of the impending chill on encryption if no one acts.