Score one for Silicon Valley.
Two days after prominent websites such as Wikipedia and Reddit shut down completely in protest of the Stop Online Piracy Act and Protect IP Act bills being debated in the U.S. House and Senate, the Congressman responsible for introducing SOPA, Rep. Lamar Smith, R-Texas, announced he was withdrawing the bill from consideration “until there is wider agreement on a solution.”
Along with news that Senate Democratic leader Harry Reid postponed a vote on PIPA — a bill similar to SOPA currently under debate in the Senate — it seems like the protests that spanned websites ranging from Google (NASDAQ:GOOG) to Facebook to even LOLcat haven ICanHazCheezBurger had their desired impact.
While this is by no means the end of either piece of legislation, supporters of SOPA/PIPA — like Walt Disney (NYSE:DIS), Sony (NYSE:SNE) and Time Warner (NYSE:TWX) — have to be singing the blues over this stinging defeat. Many prominent entertainment companies and organizations, like the Motion Picture Association of America and Recording Industry Association of America, claimed the legislation was needed to stop online piracy.
Meanwhile, websites like Google, Wikipedia and Reddit said the legislation would chill the development of new websites and might have made it impossible for user-content driven pages like YouTube to exist.
– Benjamin Nanamaker, InvestorPlace Money & Politics Editor
The opinions contained in this column are solely those of the writer.
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