The government should get out of the way of the space economy.

One of the best steps that the government can take to help an industry, especially a nascent industry, is to get out of the way. That should include the government’s accepting the concept of permissionless approval and the notion that the “costs” in any cost-benefit-based regulatory regime should include (as they often already do) the opportunity cost of not pursuing a particular venture.

So, this (via the financial research platform Seeking Alpha) is encouraging:

President Donald Trump has signed an executive order to ease regulations for commercial spaceflights, in a major win for the industry that has long called for cutting red tape.

The order directs the transportation secretary to eliminate or expedite environmental reviews for launch and reentry licenses and permits. It directs the secretary to “eliminate outdated, redundant, or overly restrictive rules for launch and reentry vehicles.”

The order calls for the evaluation of whether states are hindering spaceport infrastructure development, and mandates a streamlined process for authorizing novel space activities.

“Inefficient permitting processes discourage investment and innovation, limiting the ability of U.S. companies to lead in global space markets,” the White House said…

“With these actions, it is clear that President Trump is serious about maintaining U.S. dominance in space in the face of growing international competition, especially from China,” said Dave Cavossa, president, Commercial Space Federation.

The text of the executive order is here.

On some estimates, (a somewhat broadly defined) space economy will be worth $1.8 trillion in 2035, compared with a little over $600 billion in 2023, but who knows? Just give private enterprise the greatest possible opportunity to see what it can do. That will be the best way of ensuring that the U.S. preserves its lead in the commercial space sector. This, in turn, would have positive strategic implications, as Trump alludes to in the order:

It is imperative that we . . . ensure that new space-based industries, space exploration capabilities, and cutting-edge defense systems are pioneered in America rather than by our adversaries.

Two months ago, the EU Commission proposed a Space Act. Among its aims:

As space activities grow, managing resources, CO2 emissions and debris becomes vital. Measuring environmental impacts allows the industry to cut its footprint and support EU sustainability. The EU Space Act will set common rules to measure these impacts.

“Debris”, sure, but as for the rest. . . .