WIRED carries a story speculating on whether the US will ever release full control of the root to ICANN.
The issue doesn't really arise until ICANN works out a deal with the ccTLDs, as that was always a pre-condition set by the US Government. The interesting question, discussed in the Wired article, is whether in light of 9/11, and Nancy Victory's statement that, "Regarding the A Root server, the Department of Commerce has no plans to transfer policy control.... When
the necessary technical capacity is in place, the department may enter into a management agreement or other legal arrangement with ICANN for operation of the A Root server," perhaps the Bush administration is a little leery of doing something that might leave it open to the (somewhat exaggerated) accusation of 'giving away the Internet.'
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