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If you read the article they cite the Lori Drew child bullying case on Myspace as an example. So what it's REALLY about is probably making it illegal to have a fake myspace or facebook account. This way you'll be easier to track and prosecute you. This sort of legislation could be very important if for example it gets to the point where you MUST have a Facebook account to comment anywhere or post on a forum. Of course the ramifications might go far beyond this too such as the possibility for corporations to jail you for breaking their ToS.
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