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The internet is already regulated enough.
China "regulates" the internet and look how much crap SPAM and pirated software and fraud is coming out of China.
The government will always act in its own best interests. The people in power make rules to keep themselves in power. The US government already has a war on porn. Regulation will just make it easier for them.
And regulating the internet doesn't work. The internet doesn't belong to one country. It is global. Who's standards are they going to use? If you ask a middle eastern country, 95% of the internet would be blocked. If you ask the Dutch, they won't care. So the US trying to implement unilateral regulations would be moot, and we can always use a proxy to get to blocked websites.
And this whole idea of taking your domain name away if you do something illegal is stupid. A KY Court already took away some gambling domain names, and since the registrar(GoDaddy) had no backbone, it actually complied.
With your idea of regulations, if I posted a link to a video hosted on a tube site, and you complained (to a regulatory body, not a Court, mind you), they would immediately take the GFY.com domain name away.
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