I would call it a tie between intellectual property and privacy.
Privacy is a different matter.
I recently moderated a panel discussion on the subject in Austin, sponsored by Dell and several Texas technology groups. The consensus was that government should have a limited role in policing privacy. Lately, a majority of the members of the Federal Trade Commission wants to set a uniform code of conduct on Internet privacy. That's a bad idea, and the White House and Congress have quite properly put it on hold. Right now, the FTC's function is to make sure that, when a site publishes a privacy policy, that site lives up to it.