The Internet Association said in its filing with the FCC that dismantling the net neutrality rules "will create significant uncertainty in the market and upset the careful balance that has led to the current virtuous circle of innovation in the broadband ecosystem."
The rollback will harm consumers, said the group, which also represents Amazon.com Inc, Microsoft Inc, Netflix Inc, Twitter Inc and Snap Inc.
In May, the FCC voted 2-1 to advance Republican FCC Chairman Ajit Pai's plan to reverse the former Obama administration's order reclassifying internet service providers as if they were utilities.
Pai has asked if the FCC has authority or should keep its rules barring internet companies from blocking, throttling or giving "fast lanes" to some websites, known as "paid prioritization."
Pai, who argues the Obama order was unnecessary and harms jobs and investment, has not committed to retaining any rules, but said he favors an "open internet."
The Internet Association said there was "no reliable evidence" provider investment had fallen.
More than 8.3 million public comments have been filed on the proposal. Pai will face questions on Wednesday on the issue at a U.S. Senate hearing.