Note of amusement: The GitHub issues tracker for that proposal got swamped with tickets either mocking this crap or denouncing it for what it is, this morning the person who seems to be the head of the project closed all those tickets and published this blog post, in essence saying "Shut up with your ethical considerations, give us a hand in putting up this electric fence around the web". Of course that didn't stop it.
Also somebody pointed out this gem in the proposal, quoted here:
6.2. Privacy considerations
Todo
Quick edit: This comment on one of the closed tickets points out the contact information of the Antitrust authorities of both US and EU, i think i'm gonna drop the EU folks a note
Edit: And they disabled commenting on the issues tracker