October 1st is supposed to be an important day for the Internet. The Internet Assigned Numbers Authority (IANA) is supposed to transfer authority from the U.S. Government to a multi-stakeholder model, under the non-profit group known as ICANN. This process was started in 1998, and Obama only sped up the process in 2014 shortly after the Snowden/NSA revelations.
That's what's supposed to happen. Instead, U.S. Senator Ted Cruz has taken it upon himself to crusade against this, acting like if this transition happens the Internet will instantly fall under control of China or Russia.
That isn't true. In fact, the opposite is true; the longer that the U.S. retains control of IANA, the more fidgety those countries will get. Forbes Article wrote:
Many believe that if the U.S. Government does not step aside, other governments, including some that are uncomfortable with an open and inclusive Internet, will step in to try to capture control of it through intergovernmental organizations. Alternatively, governments could become motivated to break away from the one, unified Internet to form their own national or regional networks, essentially fragmenting the Internet we know today. The result of this could be a patchwork of incompatible networks spread across different nation states, with long-term social, cultural, political, and economic casualties. Why take that chance?
Back in 2012 the Internet almost came under control of the United Nation's International Telecommunications Union (ITU). If Senator Cruz convinces Congress that IANA should stay under U.S. control and the government contract is renewed or funding for the transition is blocked, it could renew calls for the ITU to gain control of it.
Byron Holland of the Canadian Internet Registration Authority, who was at the ITU talks in 2012, has more to say on this subject. It's a very worthwhile read.
EDIT:
And here's a likely plan of how the likes of the U.N. and Russia will take over large amounts of the technical aspects of the Internet if the U.S. doesn't go through with the IANA transition.