Well luckily that's not even a remote possibility even in an alternate universe. They should stick to stuff they understand.
Step 1: All US hosted sites facing regulation would simply move host to anywhere but the US, collapsing US hosting companies (Why do I feel the people likely to vote for this legislation are the same people who have the moronic "Out of a job yet? Keep buying foreign!" bumper stickers on their 1997 Fords and Chevy's)
Step 2: US government follows suit of China and Middle Eastern countries and builds its own Great Wall to filter the internet. This creates huge political problems when everything from ecommerce to email becomes difficult between US and foreign countries.
Step 3: The US government that instituted the Great Wall ultimately gets kicked out of government for causing internet prices to hike to well over 200% original price instead of including it in the tax budget.
Step 4: The Great Wall ends up a multi-billion dollar kiddie porn filter.
Honestly I don't even comprehend the reasoning behind regulating the internet, given that you have to pay to use it - just like you have to pay to watch HBO or an R rated movie.
Here's where regulation for the internet should start and end: All customers subscribing to internet services should sign a waiver saying they understand that the ISP and US government is not responsible for content on the internet, but that the content creator is and any concerns about content should be addressed to the content creator and not your local government representative.
Why not just teach the US Constitution in school and/or mail a copy of it to all citizens? Your statement follows directly from the following two "premises": (1) U.S. Constitution. (2) The Internet is built atop private property.
It's private property which crosses state lines, which is more than you can say for Wickard's wheat.
Today there are relatively few constitutional constraints on regulation of interstate commerce.