A senior FCC official told reporters Thursday that the agency's leadership believes reversing the Obama-era decision to treat broadband like a utility "would be very, very good for the internet economy and Silicon Valley." Translation: The official is arguing that companies like Google and Netflix were able to thrive and grow into corporate giants in a world before broadband was regulated utility-style by the FCC in 2015, which current Republican Chairman Ajit Pai wants to reverse.

Quick take: While that may be true, it hasn't stopped Silicon Valley startups from resisting a rollback of the rules. The Internet Association, whose members include Google, Facebook and Netflix, has said it isn't wedded to a particular approach but that it supports the current rules.

Optional reading: You can peruse the FCC's whole proposal here. The upshot: It raises the prospect of eliminating some of the rules against blocking, throttling and paid prioritization, opening the door to fast lanes on the internet.