It brings us very close to where they are.
We have to be careful not to compare directly. Our societies are different and whatnot. Most of our allies have had a registry for some time. Some are country-specific. Some are neutral, as Mr. Caputo suggested. The creation of foreign interference as a crime goes a long way to bringing us in line with our close allies. If it doesn't put us at the forefront, it goes a considerable distance.
To be honest, I think it will lessen the concerns of some of our allies about the caution with which we've approached some of these measures.