VeriSign's proposed deal with ICANN for oversight of the .com domain has received final approval from the US Commerce Department, removing the last hurdle to extending the agreement until 2012.
The agreement was approved by ICANN back in March in a split 9-to-5 vote, and the negotiations were highlighted by opposition by some of the Web's largest registrars. Under the deal, VeriSign could raise rates without justification by up to seven percent in four of the next six years.
In addition to having the rights to the .com domain through 2012, VeriSign also won the right to "presumptive renewal" when the agreement expires. Such moves were opposed by registrars, who argued that rates should be dropping, and that the company had a monopoly on U.S. domain names.
The world's largest registrar, GoDaddy.com, took things a step farther after the agreement's approval by ICANN, filing a petition with the Commerce Department in an attempt to block the deal. It asked the agency to send the deal back to ICANN to ensure fairer terms.
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US Government, Approves, VeriSign, .com, Deal, GoDaddy.com, ICANN