The proposal may be delayed but the outcome is, I think, inevitable. EASA increasingly views continential 'N' reg ops as an infraction of their influence to impose standards and will, ultimately, do what they can to curb the practice.
What I suspect is that for private and corporate 'N' reg aircraft and their FAA certified crews there will be a time limit after which registration of both aircraft and crews in the normally domiciled domain of the aircraft shall be required.
EoR