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If they sell me something in bad faith and they're regulated by the FCC, then I have grounds to sue them. Without those regulations they are no longer bound by them and any lawsuit I bring would be pointless.
Wrong. You can sue anybody for anything so long as you have standing. If you have a contract with a ISP, you have standing and can sue them. Which by the way has been done to the ISP's before the FCC stepped in. Successfully most of time. The FCC actually protects the ISP if you want my opinion.