GoDaddy has reversed their position in regards to the Stop Online Piracy Act according to an official statement issued today :

“Fighting online piracy is of the utmost importance, which is why Go Daddy has been working to help craft revisions to this legislation – but we can clearly do better,” Warren Adelman, Go Daddy’s newly appointed CEO, said. “It’s very important that all Internet stakeholders work together on this. Getting it right is worth the wait. Go Daddy will support it when and if the Internet community supports it.”

The Stop Online Piracy Act was introduced in the United States House of Representatives on October 26, 2011 and would enable the U.S. Department of Justice and copyright owners in the states to impose American law on foreign sites by compelling American search engines to remove links to these foreign sites, by disallowing American advertising on those sites and by severing payments processed by American facilitators like Paypal.

Google, Twitter, Facebook, Yahoo and numerous other groups have voiced concerns about the ramifications of this legislation, including some Canadian groups who believe the United States could attempt to isolate countries whose copyright laws are not compatible with theirs.