Libertarians don't call for a JPEG standard, they call for a gold standard. And for a reason: anyone insisting JPEG dollars would work as legal tender would be considered insane, by both gold-standard supporters and fiat supporters alike.
That is why copyright law is utterly unenforceable. Artists are being asked to manage their own de facto currencies, where ANY medium is a legal tender medium, not just coins and notes. They then ask someone else to do the printing without anything like the checks and balances that are thrown at the US treasury/Federal Reserve to prevent corruption, never mind the pirates across the rest of the planet who profit as a result of copyright, just as the drug barons profit off of the war on drugs.
Copyright is a utopia, frankly. It is the control-freak mentality, and the mentality of the sacred where the image of art must be protected against blasphemy in the name of "moral rights" or even to prevent "cutural appropriation" which has rightly drawn comparisons with social justice warrior safe-space mentalities.
The cognitive dissonance that is "fair use" - i.e. it's okay to break into the bank as long as you only steal £50 - will keep being exposed for the contradiction that it is as long as cases like these happen. Where free expression is a right, yet simultaneously a "defense". Where it's okay to quote from a book, but not if that book is a book of poems. Where the line between "notes" and "symphonies" is "where we say it is" and "what the market will potentially be, not what it will be".
However, the protection of artist labour is a real issue. But the way to do that, and the only way that will ever work in this age of copy and paste, is to go down the route of assurance contracts. Demand your price BEFORE you work, not after you work. Go to Kickstarter, IndieGoGo and Patreon, and demand they all refund the pledgers if the project falls flat to really get this going - it can't be "pay what you want", it has to be a payWALL. Get Marvel to demand $50 million for the next comic book movie, and there's a very good chance they will get it. And cover any moral rights by extending trademark laws - also known as an artist's right to a signature.
Because only the bold will work at, say, Ralph Lauren, and only be told what his salary is going to be after the work has been done for the month. The month in particular.
So don't mistake me: I do believe in the protection of labour ("labour" being a better word than "property" because it highlights the issues without confusing them with artificially tangible goods). The disagreement I have is HOW to protect it, not IF it should be protected. Because I really do hate for artists to keep going down this road of empty promises and wishful thinking - they're just going to end up hurt and disappointed over and over again, especially as Moore's law continues.