Last week, US President Barack Obama signed a legislation that will legalize commercial asteroid mining. Several critics said the new asteroid mining law may violate international space treaty, but industry officials think the legislation will end a legal quandary that startups were facing from a long time.

The new law, Commercial Space Launch Competitiveness Act, will allow space companies to mine and explore space resources. Those natural space resources will be a subject of exploration of US space companies, but no one can claim ownership of that object.

Bob Richards, chief executive of Moon Express, said it is similar to a fishing vessel in international water. Fishermen can put their nets in water and catch fish, but they cannot own the water area, according to Richards.

Commercial space companies are excited with the signed legislation, but many people think it will violate international treaty. An expert in international commercial law, Gbenga Oduntan from the University of Kent in Britain, said a number of international treaties will be violated with the law. It is the most significant salvo in the ideological battle over ownership of the cosmos, Oduntan added.

Mike Gold, director of business operations for Bigelow Aerospace, said, “I would caution anyone from popping the champagne quite yet. This matter is rife with the opportunity for misperception and misunderstanding”.

Different people have different opinions on the matter, but the law has undoubtedly cleared hurdles of companies like Moon Express.