SOPA and PIPA postponed

Senator Reid has just released an official statement in regards to the planned vote that was scheduled for next week in regards to the Protect-IP Act.

“In light of recent events, I have decided to postpone Tuesday’s vote on the PROTECT I.P. Act.

There is no reason that the legitimate issues raised by many about this bill cannot be resolved. Counterfeiting and piracy cost the American economy billions of dollars and thousands of jobs each year, with the movie industry alone supporting over 2.2 million jobs. We must take action to stop these illegal practices. We live in a country where people rightfully expect to be fairly compensated for a day’s work, whether that person is a miner in the high desert of Nevada, an independent band in New York City, or a union worker on the back lots of a California movie studio.

I admire the work that Chairman Leahy has put into this bill. I encourage him to continue engaging with all stakeholders to forge a balance between protecting Americans’ intellectual property, and maintaining openness and innovation on the internet. We made good progress through the discussions we’ve held in recent days, and I am optimistic that we can reach a compromise in the coming weeks.”

Moments later SOPA sponsor Lamar Smith from Texas had a statement:

“I have heard from the critics and I take seriously their concerns regarding proposed legislation to address the problem of online piracy,” Smith said. “It is clear that we need to revisit the approach on how best to address the problem of foreign thieves that steal and sell American inventions and products.”

We’ll keep you updated as news develops.

Source: Senate.gov