That's... good? In more ways than one.
The most obvious is that any international body would be easily controlled by the big players, so you'd end up with more centralized control by the same national entities, but now they'd be controlling other countries launches as well.
The other problem is that lately international organizations have a pretty bad track record. Two examples, which I've chosen because they are actually both very important incidents and also squarely in the domain of the respective orgs: WHO with Covid with a mostly useless and visibly politicized reaction; and UN with Gaza, with a large block of Arab voters who are basically stuck at condemning Israel, but systematically refuse to actually step up and help with the problem. Both incidents are literally what those orgs were created to handle, and yet they don't.
Also space launches have a military component, not always public. I doubt many would agree to let an international body poke their nose in that.
Somebody has never heard of the tragedy of the commons. https://en.m.wikipedia.org/wiki/Tragedy_of_the_commons
> The tragedy of the commons is the concept that, if many people enjoy unfettered access to a finite, valuable resource, such as a pasture, they will tend to overuse it and may end up destroying its value altogether. Even if some users exercised voluntary restraint, the other users would merely replace them, the predictable result being a "tragedy" for all.
There is no right of absolute freedom, because at some point that freedom affects other people who also have rights. So we're always limited explicitly and implicitly in what we can do. Free, unfettered access just means taking something away from somebody else.
That police and justice courts don't catch every thief is not an argument to abolish the judiciary or make stealing legal. That police and judges habitually act in favor of certain people is likewise not an indication that a society without regulatory institutions is better off than one with admittedly flawed ones.
ITU is the big international body.
https://en.wikipedia.org/wiki/International_Telecommunicatio...
And what do you think the downsides to unregulated space launches might be, particularly as commercial launches become more commonly viable?
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If we aren't careful with space debris [1], deorbit protocols [2], and anti-satellite weapons [3], we risk triggering a Kessler syndrome [4] and permanently blocking our access to space. We currently have no international space agreements outside of not putting nuclear weapons in space, which is wholly inadequate for managing the dangers and safety of space development.
The only reason space has been managed decently well until now is because most of it was done through the US and Europe that have very strict regulations around safety. Don't expect this good behaviour to continue.
1. https://www.nasa.gov/blogs/spacestation/2025/04/30/station-m...
2. https://www.livescience.com/chinese-rocket-booster-fourth-la...
3. https://www.armscontrol.org/act/2007-03/chinese-satellite-de...
4. https://en.wikipedia.org/wiki/Kessler_syndrome