Not quite. The law that's currently in the process would significantly restrict commercial and recreational aquarium collecting (but not ban it) and outlaw the use of spears & scuba (in West Hawaii). Unless something changes this will probably go into effect before the end of the year.
Since you don't need a spear to catch tako, people would still be able to take them with scuba. I don't think there's anything wrong with that, though. Tako are short-lived, reproduce quickly, and are very abundant - I don't think banning tako hunting on scuba would do much. The real problem in this thread is people going to popular dive spots and scaring the marine life, which is a problem no matter what type of equipment you're using.
The problem with banning the posession of a spear and scuba gear at the same time is that, when freediving, having a scuba tank on the boat can be a very important piece of safety equipment. Fortunately it's never happened to me but I've heard enough horror stories of people blacking out and nobody being able to rescue them... Or worse somebody trying (without scuba) and dying in the attempt. Although I know it's not the intent of the law, eventually it will cost somebody their life.