This is about commercial control and protocols. The ability to stop the flow of data will always be in US hands.
If we don't have control over IP addresses and domains, what control will we have? No IP/no connection. They don't like your content, no domain. I don't see any control staying with U.S. if they go through with this.
And look at the title of this article, who will get it, China, Russia, Iran, Egypt, so many aggressive enemies eager to bury us. This is nothing short of treason on every one of their heads, Obama and Congress for not stepping up to protect us.