@Lordyaswas,
On March 14, the Commerce Department's National Telecommunications and Information Administration (NTIA) issued a press release stating its intent to "transition key Internet domain name functions to the global multistakeholder community" from its current contractor, the Internet Corporation for Assigned Names and Numbers (ICANN).
The plan is to "transition the current role played by NTIA in the coordination of the Internet's domain name system (DNS)" to "global stakeholders."