I'm trying to wrap my head around how such a law would be enforced.
Welcome to the world the US federal government has built for the rest of the world, for decades now.
The idea that you can't be prosecuted for a felony in the US just because you're from Czechia, are a citizen of that country, have never travelled outside that country, work for a Czech firm, etc. - that idea died a long time ago. The US expects the entire world to obey its laws, and uses every trick it can to assert jurisdiction. European countries have been complaining about the "weaponisation" of the US dollar for a long time. Are you from Spain? You might want to make sure that old junk you have lying around, that you are planning on selling on eBay, wasn't imported from Iran. Accepting funds over the SWIFT network may place you in violation of a US embargo, and not having the slightest idea what the SWIFT network is won't get you out of that one. I expect many Americans would be ready to go to war if they had to fill out declarations asserting their compliance with Chinese tax law whenever they wanted to open a new account at their bank in Duluth, but a community bank manager in Morocco who is not well-versed with US banking and tax laws - well such a manager is living life dangerously.
So now it seems the US states will be doing the same thing to each other. People from Massachusetts who have never been to Wyoming may have to worry about being prosecuted in Wyoming for performing actions that are perfectly legal in Massachusetts. Not to worry, the Biden administration seems to be making it clear that, while it fully supports the federal government's efforts to prosecute non-Americans who have never set foot in the US for violations of US laws, it will not tolerate the same sort of activity by US states against each other. So while a banker who opens an account at the bank in Nigeria for a customer living there who happens to be a US citizen, will be fully liable for any failure to comply with US banking and tax law, knowingly or unknowingly, a doctor in Washington state won't have to worry about being extradited to Alabama to face chargers for performing an abortion on a person from Pennsylvania who happened to spend six weeks living with a relative in Alabama before moving to Washington state. Any maybe you won't have to ask for receipts if any out-of-state friends or relatives ask to borrow some money. Well, not until at least January 2025. Of course, if the doctor from Washington is on an aeroplane flying to Miami that develops a problem, and makes an unscheduled stop in Alabama - oh well, these things happen.
I hope everyone here is checking on a regular basis to make sure that the parliament of the Central African Republic hasn't passed any new laws that may affect them. Welcome to the modern world.