12:24 PM EDT, 06/27/2024 (MT Newswires) -- VeriSign's ( VRSN ) monopoly over website domain registration is responsible for increasing prices of the most coveted domains, the American Economic Liberties Project said Thursday.

The non-profit organization said that it and a coalition of allies sent two separate letters to the National Telecommunications and Information Administration and Department of Justice urging them to end VeriSign's ( VRSN ) monopoly

The letter to NTIA requests the agency to stop the automatic renewal of the company's no-bid contract before Aug. 2 deadline, open up a fair bidding process and implement a price cap on internet domain names, according to the project's press release.

The other letter asks DOJ to withdraw 2018 interagency guidance that allowed NTIA to remove contractual protections against price-gouging, the project added.

VeriSign ( VRSN ), the NTIA and DOJ did not immediately respond to MT Newswires' requests for comment.

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