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Nobody talks about it but the international outer space treaty is the real hurdle. Space has the same status as Antarctica.

The Outer Space Treaty represents the basic legal framework of international space law. Among its principles, it bars States Parties to the Treaty from placing nuclear weapons or any other weapons of mass destruction in orbit of Earth, installing them on the Moon or any other celestial body, or to otherwise station them in outer space. It exclusively limits the use of the Moon and other celestial bodies to peaceful purposes and expressly prohibits their use for testing weapons of any kind, conducting military maneuvers, or establishing military bases, installations, and fortifications (Art.IV). However, the Treaty does not prohibit the placement of conventional weapons in orbit. The treaty also states that the exploration of outer space shall be done to benefit all countries and shall be free for exploration and use by all States.

The treaty explicitly forbids any government from claiming a celestial resource such as the Moon or a planet, since they are the Common heritage of mankind. Art. II of the Treaty states that "outer space, including the Moon and other celestial bodies, is not subject to national appropriation by claim of sovereignty, by means of use or occupation, or by any other means". However, the State that launches a space object retains jurisdiction and control over that object. The State is also liable for damages caused by their space object and must avoid contaminating space and celestial bodies.

What's the point in exploration if everything you find is globally owned? There's no incentive for private industry to strive to be anything more than taxi driver, freight hauler, or innkeeper in space.

That treaty is no hurdle -- treaties are ignored and/or discarded every day. The OST prohibits national claims to extraterrestrial property, not individual ones. Besides, if money-making private activity were to occur on the Moon or an asteroid, who would stop you?

Did the U.S. Senate actually ratify that “Space Treaty”?

God help us!