Private spacecraft to launch June 21

I've been wondering about the legality of space flight.

Right now, I can't just hop in a plane and fly around, I have to be certified, register a flight plan, stay out of certain airspaces and altitudes.

In all the articles I've seen lately, none of them have mentioned the US government regulating space flight in any way. Granted, you all know my politics, and I'm very glad that they're not, but I just can't see our over-restrictive government being cool with people just hopping into space.

I mean, what's to keep them from smashing into secret satellites? Or what if a rival corporation decided to take a "space walk" and destroy the satellites of a competitor? It seems like once this becomes a reality, we're going to start having people making up new space laws, and we all know that laws are usually unrealistic and about 10 years behind any cutting edge technology.

Has anyone heard any talk of the government making noise about Paul Allen and his band of merry men trying to become private space entrepreneurs?

CNN.com - Private spacecraft to launch June 21 - Jun 2, 2004