The Consumer Safety Technology Act– what could this mean for the private sector?

The Consumer Safety Technology Act (H.R. 1770/CSTA) is a bill that will create a pilot AI program to regulate financial actions and blockchain technology with less human oversight. Supporters argue that any deficit in the financial arena can be spotted more quickly with AI. Those against the bill reason it can cause potential data leaks and allow too much government oversight in the private sector. Does the possible passing of this bill allow for too much federal government regulation in the private sector?