VeriSign's proposed deal with ICANN for oversight of the .com domain has received final approval from the US Commerce Department, removing the last hurdle to extending the agreement until 2012.

The agreement was approved by ICANN back in March in a split 9-to-5 vote, and the negotiations were highlighted by opposition by some of the Web's largest registrars. Under the deal, VeriSign could raise rates without justification by up to seven percent in four of the next six years.

In addition to having the rights to the .com domain through 2012, VeriSign also won the right to "presumptive renewal" when the agreement expires. Such moves were opposed by registrars, who argued that rates should be dropping, and that the company had a monopoly on U.S. domain names.

The world's largest registrar, GoDaddy.com, took things a step farther after the agreement's approval by ICANN, filing a petition with the Commerce Department in an attempt to block the deal. It asked the agency to send the deal back to ICANN to ensure fairer terms.

"We will not sit back without a fight. This deal is outrageous," GoDaddy CEO Bob Parsons said at the time. "It's monopolistic because it locks in price hikes and eliminates good old-fashion competition. It's a mistake [Commerce] Secretary Gutierrez can stop."

Furthermore, a majority of public comments on the deal voiced opposition to it. However, it now appears as if all these calls for the most part fell on deaf ears once the deal reached the Commerce Deparment.

The Commerce Department did interject some oversight into the process. It retained the right to oversee any pricing increases, as well as having final veto power against any approvals.

Renewal of the deal would be granted if "the approval will serve the public interest," it said.