|"A day of reckoning" in the online advertising market, in the form of increased involvement of the Federal Trade Commission and new legislation, is becoming a real possibility. However well-intentioned, this could strangle the advertising industry, which has proven to be the only reliable revenue source for Internet content and services. Are consumers really as concerned about data collection as advocates of regulation insist? Are there "less restrictive" alternatives to regulation? Will regulation’s costs outweigh its supposed benefits? We believe a "layered approach" of industry self-regulation, user self-empowerment tools, and enforcement of privacy policies and existing laws can maintain the fragile balance by which online advertising supports the content and services that users take for granted—while also protecting truly privacy-sensitive users.