Earlier this month, the Federal Trade Commission released revisions to their Guides Concerning the Use of Endorsements and Testimonials in Advertising. The guidelines hope to regulate how advertisers utilize endorsements by consumers, experts, organizations, and celebrities, but they have created quite a stir within the blogosphere.

WebProNews talked with Ted Murphy, the Founder and CEO of IZEA, which is the parent company of PayPerPost.  He explained how his company helps advertisers connect with bloggers and others who create content in social media to promote their products and services. Sporting a shirt that said I Heart FTC, Murphy says he is very much in favor of the guidelines. He believes the revisions were necessary to create a safe marketplace for this form of word-of-mouth marketing.

There are however, many gray areas. One of those areas specifically deals with the form of disclosure. From an advertiser’s perspective, Murphy thinks that a systematic approach is the best solution for structural purposes. If disclosure is not systematic, it could be harder to manage.

One of the biggest questions with the revisions is the issue of enforcement. No one really knows to what extent the FTC will police the Web. As a precaution, IZEA is taking a proactive approach with disclosure to ensure that they are prepared if any issues arise.

Some people view the guidelines as “big government” stepping in. In response, Murphy argues that while the FTC’s primary objective is to protect consumers, it is actually in everyone’s best interest to protect consumers since they are the readers, viewers, and even buyers.

The guides are set to go into effect December 1, 2009. If you would like to read the guides in full, the official documentation can be found here.