"although these changes may have far reaching ramifications relating to legal issues and the security of the network"

I was thinking along the same line too.

The original idea was that all transaction is transparent and trustless, but censoring the basically the utxo of an account from the explorer brings its own set of issues. Should this really be implemented, does that mean transactions go the way of privacy-centric blockchains like Menero or Zcash? or is it just a simple censor slapped on top of the account value? and if it works like the latter, does it mean anyone who has the copy of the blockchain still able to see all the transaction and the account value? What power would that create?

I apologies if my thoughts and words looks confusing. As you said, we all need to think about it.