International law regarding the use and extraction of extraterrestrial resources is outdated. A 1967 United Nations treaty, ratified by 110 countries including the U.S., mainly focuses on arms control and peaceful use, leaving the role for private interests ambiguous.
No major space-faring nation signed a 1979 "Moon Treaty" seeking to head off competitive national efforts in space. Congress since 2015 has passed three bills laying the groundwork for private development of space resources. The President on April 6 issued an executive order rejecting the Moon Treaty's provisions, as the U.S. does not view space as "a global commons." The order directs the Secretary of State to negotiate appropriate "support" for both public and private operations. China and other countries are also developing commercial ambitions for the moon and beyond.