A 1967 treaty written for two superpowers now governs an industry of thousands of satellites and dozens of private launch companies, and the seams are showing. This article works through what the Outer Space Treaty actually says and what it leaves open, beginning with the non-appropriation principle that forbids national sovereignty over celestial bodies and the surprisingly open question of whether that forbids private property in extracted resources. It explains why Article VI makes a government legally responsible for what its companies do in space, which is the reason licensing regimes exist at all, and how the two liability regimes of the 1972 Convention allocate risk between absolute and fault-based standards. It then covers the American licensing stack, from FAA launch and reentry authorization through FCC spectrum and orbital debris rules, NOAA remote sensing licensing, and export control, and the financial responsibility and cross-waiver architecture that makes launch insurable. Later sections cover orbital debris and the collective action problem it presents, the informed consent regime for human spaceflight and its expiring learning period, and the gap in law governing everything that happens between launch and reentry.