I haven’t read the text of the bill, but the Fediverse, in and of itself, is not a solution. The Fediverse is much more resilient against corporate censorship for a number of reasons, but the infrastructure is still largely centralized under the roofs of a handful of cloud hosting providers. When the Five Eyes deem an instance (or the whole platform) to be a threat to their political power, rather than a threat to Reddit’s ad revenue, they will lean on these cloud service providers to conduct surveillance on users or shut down instances, and they will comply without putting up a fight out of self-preservation.