Wouldn't this fly in the face of common carrier regulations and subject the telecoms to massive taxes/fees/penalties and congressional litigation for stymieing

Wouldn't this fly in the face of common carrier regulations and subject the telecoms to massive taxes/fees/penalties and congressional litigation for stymieing small IT/software businesses? The government would probably put a stop to this, if only for the purpose of competing economically against China/other countries (I'm talking about the US here). We'd be at a severe technological disadvantage, lose potential taxes on new business, and go against all of wall-street (internet ipo's would essentially cease).