Yep. And that's far from the only way it could work out badly. I talk about this a bit in the section on "Bluesky is a useful counterweight to Threads"
Bluesky is far from perfect. They're venture-funded, so likely to end with an exploitative business model. They've got a surveillance-capitalism friendly all-public architecture. It's great that Jack Dorsey's no longer on the board but he was.
This bill can't pass without Democratic support ... but last week, over 50 Democrats voted for it! It didn't quite pass, but now they're trying again ... so please, if you're in the US, please call your Congresspeople!
Here's EFF's action alert. https://act.eff.org/action/tell-congress-not-to-weaponize-the-treasury-department-against-nonprofits