Nothing changes for bulletproof trusts and sole proprietorships because reporting is only required for a domestic statutory entity such as a statutory trust, business trust, or foundation that was created by the filing of a document with a Secretary of State or similar office.
This will affect Corporations and LLCs, which will have to show who the owner(s) of the entity are; however, a trust which has a credit/debt relationship is not considered as exercising "substantial control" per the FinCEN regulations, being: (1) the individual is a senior officer; (2) the individual has authority to appoint or remove certain officers or a majority of directors of the reporting company; (3) the individual is an important decision-maker; or (4) the individual has any other form of substantial control over the reporting company.
The reason point (4) is not considered valid for a trust is because the credit/debt relationship does not allow the trust to "force" a decision on day-to-day operations of the reporting company. Therefore, it does not have control rather it is a contractual agreement that in cases of default the creditor has first-lien position claim to all retrievable assets.
NOTE: This law may be repealed due to its negation of state's rights, such as the right to privacy as offered in Delaware, Nevada, Mexico and Wyoming.