And exactly what added value does the FAA bring to the table?
It adds a ton of respectibility to something that has always been considered to be hardly more than a big, messy bomb.
One of the big hurdles to commercial spaceflight the idea that it is not accomplished by a transportation system, but rather by a more or less controlled explosion.
Getting to the point of being regulated by the FAA is a huge step in loosening the regulations, and has been a long time coming. It is a huge step forward that had to wait, among other things, for a republican government to happen.