Local citizens could soon have the full rights to own asteroid resources as the U.S. Congress recently promoted the new bill, H.R. 2262. The bill is expected to boost the growth of the U.S. economy into the solar system by encouraging more investments on commercial space exploration.

The asteroid mining company Planetary Resources acknowledged the efforts of the members of the congress on the legislation. The company believes that the progress would promote further development of the commercial space industry.

H.R. 2262 would attract more private sector investment as well as provide a more stable and predictable regulatory regime, the company stated. It added that the new bill would protect and support the interests of the growing commercial space industry.

Planetary Resources is looking forward for U.S. President Barack Obama to sign the language into law.

“Planetary Resources is grateful for the leadership shown by Congress in crafting this legislation,” said Chris Lewicki, president and chief engineer of Planetary Resources, Inc, in a press release. “Today, H.R. 2262 fuels a new economy that will open many avenues for the continual growth and prosperity of humanity.”

The legislation serves as a “landmark for American leadership in space exploration,” said U.S Congressman Bill Posey. As the country recognises basic legal protections in space, it would promote “exciting future commercial space endeavours.”

The government considers asteroids and other space objects as potential sources of rare minerals and other materials that can improve the manufacture of a wide range of products on Earth, especially to support future space explorations, Posey added.

The current progress on the space industry would be the “major step toward humanity becoming a multi-planetary species,” said Eric Anderson, co-founder and co-chairman of Planetary Resources, Inc.

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