Well I think it will happen in a way that circumvents their traditional oversight. It's not so much that the FCC will allow it, more that someone will find a way to operate largely outside the FCC. For example, cable TV successfully routed around equal time and content restrictions for broadcast networks in the US. The FCC was powerless to really control it because it was private. Also, wifi emerged as a standard because it operated in unregulated spectrum which gave companies a chance to innovate. Other than basic certification of devices, the FCC has little sway over what happens with wifi.