Pat: You're thinking of the Moon Treaty of 1979. The US didn't ratify the '79 treaty because it prohibited not just sovereignty, but property rights as well. But the '67 treaty still stands. I assume TransOrbital needs US approval because it's a California corporation.
The whole concept of space law is pretty wacky, though..
Enforcing lunar treaties, we can do -- the Moon can't support itself very well. Surface temps are scorching, water is nearly impossible to find, there's no atmosphere to speak of, there's a lack of important metals, and the nights are two weeks long. Lunar industry and colonists will probably always need help from Earth just to stay alive.
But not Mars. Mars has water, soil, sunlight, 25 hour days, and summer daytime temps that reach
almost 70 degrees Fahrenheit. It's also about 3 months away from Earth. If Martian colonists think this whole "no sovereignty" deal sucks, and want to claim their planet as their own, how will we puny Earthlings stop them? By banging a gavel 60 million miles away? Pshaw.
Sigh. I wanna go to Mars. (Bonus
Martian sunset for other Mars wannagos out there.)