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I'm not sure what the chances of it going through are? I imagine that the only thing politicians care more about than money is reelection. Their votes on this will be remembered and all of the online communities will hold them to account.
I think the real story here will be the ability of such powerhouses of the online world converging to say a collective "no" to our legislators. This is unprecedented stuff in the "new economy". Our old, corrupt politicians are going to have to pay heed to a new master. The old titans of industry are no longer the only games in town. Most senators a few months ago had no idea what a "social aggregator" was. Well, they do now.