The bill has been making its way up the legislative progress, with its third draft about to be revealed. If it is approved by a committee vote today, the draft will go to the lower house of Congress and, if it passess the vote, ultimately to the Senate.
Internet activists have been vocal about their criticism of the proposal, arguing that it undermines the principles of Marco Civil, a “bill of rights” for the internet that seemingly placed Brazil in the forefront of digital rights discussions. For instance Tim Berners-Lee called such proposals “deeply worrying, as they would deal a hammer blow to freedom of speech online”, while numerous civil society groups have objected to the proposed legislation.
The Intercept points out that many countries have either recently introduced or are preparing similar proposals. It appears that cybercrime is increasingly used as a reason for creating legislations that also risks excessive regulation of internet activity.
UPDATE 29.4.2016: The vote was postponed and rescheduled for 3 May. EFF has posted a detailed explanation of its and other digital rights organisations' opposition to the bills.