There’s a good reason why the U.S. government doesn’t want wireless spectrum treated like a passive asset to be pumped and dumped by investors. The airwaves are a scarce resource critical to American national security and economic competitiveness.

This is especially true in the context of the global space race. Spectrum is the lifeblood of satellite systems, and the Federal Communications Commission has clear rules to prevent using this spectrum merely as a tool for speculative investment, also known as “warehousing.”

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