There is no specific entity that has jurisdiction over internet regulation. In terms of laws that govern behavior and usage of the internet, multiple laws that apply offline also apply to online activity, and there are a few laws developed specifically to deal with various aspects of online behavior. However, no single specific internet law or internet regulation governs what takes place online.
The Rules of the Internet
While there is no one governing body that regulates the internet, the FCC and other legislatures are taking steps to deal with this new frontier. For example, in December of 2010, the FCC passed a net neutrality rule that prevents internet service providers (ISPs) from either playing favorites when it comes to displaying content, or from blocking competitors' content. This law, and others like it, are some of the attempts that have been made to deal with the unexplored world of information that is available online.
However, while there are internet specific laws, offline rules also apply. Copyright laws are an excellent example of how “offline” laws apply to internet usage. The internet cannot be used to distribute pirated or copyrighted material, and stealing copyrighted material from a website is illegal just as it is from any other form of publication. The same can be said for various trademark laws. Other regulations may also apply; for example, just as minors are banned from purchasing alcohol or tobacco, so are they banned from visiting or making purchases from websites that sell these products.
Obviously regulation of behavior online is much more difficult to monitor, which is why many people wonder whether there is a single governing body in charge of internet rules. The fact that there is not indicates the rapidly-changing aspects of this particular medium, and the fact that internet behavior is often a cause of concern are signs of how advancing technology is something to which society has to adapt quickly in order to stay relevant.
If you have further questions about internet law, speak to an intellectual property attorney.