The Federal Trade Commission is suggesting that bloggers and social media users who express false statements about products they promote should be held liable. This could be a big deal for affiliates, publishers or social media users who, if these proposals come into effect, will need to take the same sort of care as do print publishers and infomercial producers.

This is part of a review carried out by the FTC’s advertising-practices division in an effort to “update guidelines that are 30 years old.” The FTC commissioners will be voting on the proposals later in the summer.

The reality of this is that with a new regulation-minded Administration in Washington, the online marketing industry is going to be forced to formalize many areas of our business structures, from paying taxes to outlawing certain business models. It’s going to cause pain for some of our community, but it will lead to greater credibility in the long run.

Look at it this way: we’re having to grow up. The Web is maybe 15 years old. The industry is going through puberty. And like many a teenager, we’re not really enjoying it. But it’s all okay in the end.