Outer space is once again facing renewed competition. Unlike in the earlier decades of space exploration when there were two or three spacefaring powers, by the turn of the 21st century, there are more than 60 players making the outer space environment crowded and congested. Space is no more a domain restricted to state players. Even though it is mostly a western phenomenon, the reality of commercial players as a major actor is creating new dynamics. The changing power transitions are making outer space contested and competitive. Meanwhile, safe and secure access to outer space is being challenged by a number of old and new threats including space debris, militarization of space, radio frequency interference, and potential arms race in space. While a few foundational treaties and legal instruments exist in order to regulate outer space activities, they have become far too expansive to be useful in restricting the current trend that could make outer space inaccessible in the longer term. The need for new rules of the road in the form of norms of responsible behavior, transparency and confidence building measures (TCBMs) such as a code of conduct, a group of governmental experts (GGE), and legal mechanisms, is absolutely essential to have safe, secure, and uninterrupted access to outer space. Current efforts to develop these measures have been fraught with challenges, ranging from agreement on identifying the problems to ideating possible solutions. This is a reflection of the shifting balance of power equations on the one hand, and the proliferation of technology to a large number of players on the other, which makes the decision-making process a lot problematic. In fact, it is the crisis in decision making and the lack of consensus among major space powers that is impeding the process of developing an effective outer space regime.