I'd imagine it'll be a bit of a non issue. Mainly because the act, in its current wording, is almost totally unenforceable. By doing this, they'd force ISP's to shut down the accounts of at least 70% of Western internet users, which is just insane. There's no way America and other western nations, stalwarts of the free market as they are, would risk causing such a huge cash leak in the internet industry.
Now, I'm not saying don't be worried, or don't fight it, but I doubt this is the foretold end of the internet, just based on how deranged anyone would have to be to actually fully enforce it.