If the US only seizes domains of their own citizens that's somewhat OK for me.
If the US also sizes domains of other nation's citizens I guess in the future I'll only use domain names outside the jurisdication of the US. But if that's the case I wonder why they haven't taken down PirateBay yet.
.ly domains were being seized by their government even though the domains were being operated by American companies.
What gives the US "jurisdiction" is that it's nominally controlled by VeriSign and thence ICANN, which is a US quango, so owners of .com domains are in a legal relationship with a US entity. Outside the US, people have been known to get quite worked up about this arrangement, and there have been serious suggestions that ICANN should cede control (or transfer directly) to a UN body. Whether interference as in this case is legal in international law is, as far as I know, untested.
The TLD which was originally intended for use by US commercial organisations was .co.us, which nobody seems to bother with.