Yes, there are alternatives ... but why break what works?
To me, this is nothing more than a way to further control what information is put forth on the Internet. If the "global entity" doesn't like what is being said on a website, now they will have the ability to do something about it and the U.S. Government can just sit back and smugly smile while publicly proclaiming "it's a travesty!". They will pretend to fight it, much like Cruz's PIFA to keep the voting public on their side and their sorry asses in office.
This is simply passing the buck and blame to an outside agency that the US Government can point to as another boogeyman down the road. While in reality whoever gains control will be doing exactly what those who have the perceived power want them to do to keep them in power and the rest of us stifled with only their brand of "news" and information.