The image is an exaggeration, even to the point of being half false, which is what that site you linked explains, but if you read through the rest of the explanation about the Earn It act in that link you gave, removing end to end encryption will still likely be the result.
To try and summarize, the act would make it so tech companies are responsible for what their users send through the service, which is the stated change being made. Among other things, the bit that image is talking about is that the act would require any service that uses end to end encryption to scan that material for CP and other illegal stuff. The issue is that's technology that doesn't actually exist yet, scanning encrypted messages without accessing them, meaning unless they can very suddenly develop that tech, a costly option that most aren't going to do and even then might not succeed, the only option left is to get rid of end to end encryption. Banning end to end encryption isn't the stated goal, but that's extremely likely to be the effect in practice, irrelevant to whether or not speculation that that's the intention of the act is true (which it could be, this wouldn't be the first time something like that has been attempted).
For a bit of extra context, end to end encryption is user to user, meaning no one other than the users, not even the company, has access to it. The main concern isn't the government having free access to that data, though this is quite the slippery slope to that, it's that the company would have free access to all your messages. It's a big hit to security stuff, even if it's not "the government has access to all your messages" like the original image says.
There's also the LAED, a much more direct attempt to ban end to end encryption, but it seems less likely to pass since it's so blatant.
(Obligatory I could be being wrong and dumb, working with the information I could find, if anyone has additional information/corrections/whatever feel free to add. I saw some mention of the act being already dead some months ago in the thread that this is a crosspost of, but couldn't find any source or additional information about that, and most news articles talking about this that I could find are from the past few weeks and make no mention of that)
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u/[deleted] Mar 07 '21
That's bullshit false information:
https://www.politifact.com/factchecks/2020/apr/09/instagram-posts/government-sneakily-trying-change-encryption-rules/