The long-awaited FCC spectrum auction began today, despite fears that the slowing economy could affect the auctions results. With this auction, the FCC is selling what is touted as the most valuable spectrum for the telecom market, and many are viewing this as a chance for major changes within the wireless industry. It is also expected to raise up to $10 billion for the federal treasury.

Under the rules of the auction participants are not allowed to discuss any plans for bidding. The FCC started receiving blind bids this morning at 10 a.m. The process could take weeks or even months, and will only end when no more bids are submitted. Results of each day’s bidding rounds will be posted at the FCC’s Website, though names of bidders will be kept anonymous.