Henry Waxman, the chair of the House Energy and Commerce Committee, just released a statement announcing that he would drop controversial net neutrality legislation, and call on the FCC to use their authority to reclassify broadband as a telecommunications service. This is a major victory for net neutrality advocates and a loss for the telecoms.

The Wall Street Journal says that the FCC will move to reclassify broadband services to give them a greater ability to regulate in that space, protecting their intentions to reinforce net neutrality and transform broadband access for the 21st century. . . but there is still plenty of time for them to screw it up.