It looks like Wednesday's SOPA Blackout Day should be considered a success: Reuters is reporting that the Stop Online Piracy Act has been withdrawn by its chief sponsor, House Judiciary Committee Chairman Lamar Smith. This comes only hours after Senator Harry Reid announced that next Tuesday's scheduled vote on the Protect IP Act (PIPA) was going to be postponed. While the SOPA bill is off the table for now, there's no indication that it's being completely abandoned — Smith told Reuters that he's pulling the measure "until there is wider agreement on a solution," and also said that he has heard the critics loud and clear and is taking their concerns seriously.

Since the proponents of SOPA and PIPA have indicated that they're still very interested in pushing through an anti-piracy bill in some form, the latest moves indicate more of a holding pattern than a final resolution. We will closely monitor the situation as Congress mulls new legislation that's more likely to have a chance at passing a vote.

T.C. Sottek contributed to this report.