Contrary to some reports, things are not about to change. After a meeting at the Commerce Department, Acting Assistant Secretary for Communications and Information, John M.R. Kneuer, said that the existing arrangement was likely to continue, at least for another year. “There certainly are still strong arguments that there’s more work to be done,” said Kneuer.
When ICANN was created in 1998, the US government intended for it to be fully privatized by 2000. However, that has failed to happen for a couple of reasons, namely a reluctance on the part of the US to let go control and ICANN’s inability to meet some performance benchmarks.
Read this article from Ars Technica