It kind of amazes me that someone can make a statement like that bolt cutters analogy and not stop to ponder why bolt cutters are still legal, despite their utility in stealing bicycles.
They want to levy egregious fines against anyone using BitTorrent for piratical ends, and make ISPs just as liable as their users. They don't need to outlaw BitTorrent when they can ban people from the Internet at will.
And furthermore they're not stupid. They know that BitTorrent is just a protocol, and it's presently just as easy to get pirated content over plain old HTTP as BitTorrent.