The MPAA and RIAA are certainly not going to stop at the US and may very well use the 'US' to attack 'piracy' on a global scale.
If the US goverment allows this, then they'll hurt their efforts to prosecute hackers based in other countries tremendously. I don't think most countries will be very inclined to help prosecute hackers for crimes against the US if they allow hacking of computers in those countries to go unpunished.
