Web piracy has long been a polarizing issue that has sparked plenty of debate, but few solutions. The matter came to a head recently as a result of the Stop Online Piracy Act (SOPA) and the Protect IP Act (PIPA), bills aimed at curbing online trafficking in copyrighted content and counterfeit goods. After several websites, including Wikipedia, protested by going dark, both pieces of legislation were shelved. Meanwhile, proponents of the two bills — News Corp. CEO Rupert Murdoch among them — rallied in support.

But the core issues addressed in the bills remain unresolved. The overriding question is how to regulate the Internet enough to protect intellectual property, while not violating individual freedoms and curbing innovation or job creation. “Content producers,” including movie studios and record labels, backed SOPA and PIPA because they say online piracy eats into their revenues, stifles innovation and puts American jobs at risk.…