There probably will be abuses and leaks—-I don’t think anyone should trust the government with population-wide data that is catastrophic if compromised. But on the ladder of OPM data and IRS tax records to e.g. potato registries, beneficial ownership data isn’t that sensitive. Many countries make it a matter of public record with few ill effects. (Counterpoint: Sweden makes tax records public record. The IRS being compromised would be a big deal.)

The church, charity and non-profit exemption is the hole of the bulldozer path that had to be left to protect private civic discourse. This will be abused by the wealthy and powerful. But as a result, there will be no comprehensive database of e.g. donors to prison reform or LGBT causes.