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Appeals to the “public interest” and claims of airwave scarcity have long been invoked to justify telecommunications regulation. But in today’s world, policy makers starting from a clean slate likely would not create a Federal Communications Commission (FCC) with control over prices, entry, and service delivery. Internet-based technologies have helped erase distance, allowing millions to become broadcasters in their own right. Today’s communications landscape has given individuals a power to exercise freedom of speech that the Framers could hardly have imagined.