A new bill was passed by the United States Congress that favors space mining companies as they are now allowed to launch more space missions outside NASA and the U.S. military, more specifically to start mining asteroids. To date, the bill is now awaiting for White House approval, for President Barack Obama's signature to finalize this law.

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This bill is known as the SPACE Act of 2015 or the Spurring Private Aerospace Competitiveness and Entrepreneurship Act of 2015, which will make sure that space mining companies will be able to obtain their own resources legally, if they discover new energy resources from asteroids.

This new bill also includes the regulation of the commercial space industry along with the ongoing operations of the International Space Station.

According to Senator Ted Cruz of Texas who is also the chairman of the Senate Commerce Subcommittee on Science, Space, and Competitiveness, commercial space exploration is now crucial which presents new opportunities for all. He is also one of the co-authors of the bill.

The senator also believes that the U.S. government must always continue to provide a solid structure for people to create innovations, especially in developing private commercial, scientific and cultural enterprises that will extend into space exploration.

The other authors of the new bill include Senator Bill Nelson from Florida, Senator Patty Murray of Washington along with Senator Marco Rubio of Florida and U.S. Rep. Bill Posey of Rockledge. Posey adds that since there is a rapid increasing in space companies developing newer technologies than the others, this has become a race to the stars. 

This is also the first time in more than a decade that the new bill will restructure the already existing rules that are still governing the ever growing space industry.

The bill delves into space safety regulations where space companies will be allowed a "learning period" that will last for eight years that will begin on October 1, 2023, before any recommendations will be handed out for regulation by the Federal Aviation Administration. The bill also clears that space mining companies will acquire rights over space resources but they cannot own any asteroids as property. Also, the International Space Station will be in operation until 2024.

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