In my opinion, registration costs are not going to be too high. This is not SOX, where the costs where quite high at first, before the regulation was scaled back a little in light of new best practices.
Mr. Ha points out that 'bureaucracy costs' (interesting cost item) will lead to less funding. However, he forgets that increased assurance resulting from these registrations might well facilitate fund-raising and, in fact, increase funding.
The skeptics' point is not to be dismissed and only time will show the effects of this government plan.

Presumably, the risk is that this would increase bureaucracy and costs, which might eventually mean less funding; the benefit would be giving regulatory agencies more information about the industry, and who is put at risk by the industry's investments.