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ABSTRACT: With the rate of technological advancement and the current lack of effective regulation at the international and supranational level, asteroid mining is set to be the next California Gold Rush. Unlike the previous space race, private companies like SpaceX and and ConsenSys/Planetary Resources are more likely than nation states to lead the way into this new frontier because of the motivation for profit. Current United Nations conventions, such as the Moon Treaty, do not apply to private sector companies and provide only limited principles for space exploration by States parties, rather than practical law. As a result, this asteroid mining boom has the potential to bring about the violence and claim-jumping also associated with the California Gold Rush. This in turn may lead to the private militarization of space as corporations attempt to defend their claims and vie for better ones. Governance by individual countries or the United Nations will not be effective because (1) it may not bind the necessary parties and (2) it may be too easy to bypass. This Comment argues instead that a global framework convention, similar to the United Nations Framework Convention on Climate Change, must be adopted. Such a convention would provide general regulations for both nations and private entities as asteroid mining begins, while allowing for the regulations to become more specific as the technology and needs continue to develop.
I believe that space travel will one day become as common as airline travel is today. I'm convinced, however, that the true future of space travel does not lie with government agencies . . . but real progress will come from private companies competing to provide the ultimate adventure ride, and NASA will receive the trickle-down benefits.
-Buzz Aldrin 1
Space has long been considered a place only countries could reach.2 But now, with advances in space launch technology and more entities being able to reach orbit, space and its resources have become accessible to more people than ever.3 Since the first moon landing in 1969, the technology that allows space travel has made rapid progress.4 Reusable rockets have lessened the cost of launches and probes are at the outer reaches of our solar system.5 These technologies make space, and the resources it holds, more accessible....