Does SOPA contain language that could stifle business innovation?

A lot of rhetoric about SOPA (Stop Online Piracy Act) has been thrown around in the last week plus. The bill is written broadly and in turn attempts to broadly curb piracy. Per CNET, there's wording in SOPA that could also stifle innovation:

Section 103 says that, to be blacklisted, a Web site must be "directed" at the U.S. and also that the owner "has promoted" acts that can infringe copyright.

Here's how Section 101 of SOPA defines what a U.S.-directed Web site is:
(A) the Internet site is used to provide goods or services to users located in the United States;
(B) there is evidence that the Internet site or portion thereof is intended to offer or provide such goods and services (or) access to such goods and services (or) delivery of such goods and services to users located in the United States;
(C) the Internet site or portion thereof does not contain reasonable measures to prevent such goods and services from being obtained in or delivered to the United States; and
(D) any prices for goods and services are indicated or billed in the currency of the United States.

Some critics have charged that such language could blacklist the next YouTube, Wikipedia, or WikiLeaks. Especially in the case of WikiLeaks, which has posted internal documents not only from governments but also copyrighted documents from U.S. companies and has threatened to post more, it's hard to see how it would not qualify for blacklisting.

Would congress be throwing the baby out with the bath water here?

SOPA is promoted on one side mostly by intensely dedicated copyright holders, ie Hollywood, and being opposed by those who enable/use the Internet and free speech advocates.