Alan Pelz-Sharpe, founder of consulting firm Deep Analysis, said the proposed bill was far behind, but delays in regulation by companies such as Apple and Google were also part of the problem. Had the bill been enacted 10 years ago, it would have been more successful in preventing such companies from becoming today’s megacorporations.

Today, tech giants are active on a global scale with “few people can imagine” and can fight the legislature in a “previously unimaginable” way.

“Undoubtedly, some of this law may move forward and some may be enacted,” he said. “For people like Facebook and Google, life will be a little harder. It will be a thorn on their side, but I don’t think it will have a serious impact on their business.”