The market will find a solution.
Millions of people talk on cell-phones every day and calls don't overlap.
I'm sure you've heard of XM Radio.
From a Google search:
XM Radio obtained one of two Federal Communications Commission (FCC) licenses during an auction in 1997 to provide an Continental US (CONUS) wide digital audio broadcasting service via satellite in S-Band (2332.5 to 2345.0 MHz). The service will provide up to 100 different channels with music, news and audio entertainment. The receivers will be available as car receivers, portable receivers and home receivers. The launch of the system is expected for late 2000.
On the technical side the XM Radio system will consist of two geostationary satellites positioned on either side of the United States. The satellites will be equipped with transparent payloads receiving the signal from the XM Radio studios in the Washington D.C. area. The satellite system will be supplemented by a terrestrial repeater network which will fill gaps of the satellite coverage in urban areas caused by blockage and shadowing by tall buildings.
So they still got a license from the FCC, one of only two. I don't know the tech or the politics here, so I don't know why just two licenses. Wouldn't surprise me if "XM Radio" lobbied for the restriction!
Perhaps they could have issued a million licenses, or just let everyone start a business who wanted to. Great if this technology allows that, which then begs the question: why involve the FCC at all?