https://gfy.com/fucking-around-and-business-discussion/693350-wtf-xxx-kicking-time-post-icann.html summarises it best.
ICM has renewed their application for the .xxx extension. ICANN, the commission that assigns extensions, will debate it again and is currently reviewing public comments. The application had been "denied" last May, mostly because of pressure from parenting organisation, the US govt, etc.
ICM claims their extension will help prevent CP and deter pedophiles (nonsense), will prevent children from viewing porn and that the extension is welcomed by the adult industry. It's obvious the extension is a threat to the industry, as, if the use of .xxx becomes mandatory for adult webmasters, their domains could simply be blocked by ISPs, rendering their business worthless. Fees exceeding $70 per domain registration are outrageous and make it clear the whole proposal is financially motivated (by ICM).