The Dept of Commerce is not renewing their contract with ICANN so oversight reverts to ICANN itself. The Dept of Commerce has been "hands off" with ICANN for 20 years. Only once have they taken action, blocking the
So we are not "handing over" anything. Unless you consider a government agency that takes no action as something that can be handed over.
ICANN, a US non-profit corporation, will continue to operate as before, taking input from the same companies and countries.