Ish. it's not that different from status quo.
1. Government already knows all of your US bank accounts.
2. They ask you to declare foreign bank accounts.
3. Majority of countries have deals with US to inform them of US residents/citizens accounts, and many banks for this reason do not accept new accounts from us citizens.
4. US asks you to declare any monetary instrument as you enter country (above 10K) or so.
So if you think about it, they are not asking anything different from what they already do.
Cash-only transactions, maybe. But don't forget, the transactions are tracable, so technically, if you somehow transfer money to a "monitored account" that has ties to your identity (like, transfering money to DMV for your driver's license), your identity is revealed.
So if you think about it, they are not asking anything different from what they already do.