This world of digital technology and distributed intelligence over the Internet is turning the old regulatory world upside down. The old rules were written when the type of transmission - telephone, cable TV, broadcasting - told us something about the content and defined boundaries. The administration tried to ensure that service providers did not abuse or limit consumers as a result of their monopoly, or oligopoly, on conduit and content. But with digitization, the conduit is no longer necessarily linked to .the content. Old pipes are converging, wireless pipes are emerging, and the Internet is placing control in the hands of users, consumers, and viewers. These changes are being driven more by technology and business models than by government. But the policies of fostering competition, while taking a hands-off approach to the Internet and information services, have facilitated many of these changes. What regulations ought to apply in a converging world? How do we avoid the unintended consequences of our actions? And what is the role of the regulator? What should we be doing at this critical juncture? All are the most important things we should carefully think about, especially the balancing of opening markets, the deployment of new technologies, and the interests of consumers. Finally, as new technologies alter the communications landscape, we will be ever vigilant to prevent the creation of bottlenecks that block fair access to essential facilities and slight the value of free speech –even commercial speech in the new Information Era.