“Net neutrality” continues to inundate American airwaves, social media and print, causing some to once again dubiously mark the “end of the Internet.”

But a larger and more important issue remains overlooked: the 18-year-old U.S. Telecommunications Act. Given the immense change that has occurred in that time, coupled with momentum among policymakers to overhaul the law, this should be the focus of our attention. And as a European telecom economist, my advice is simple: forego a drastic regulatory regime and ensure one that recognizes the inherently competitive communications landscape of today.

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