"Registrars need to be established companies that can demonstrate technical capability and financial stability. If they want to offer recognized domains extensions, they have to work with companies like Verisign, which controls the coveted .com TLD. Establishing a registry for a new TLD, meanwhile, is pretty much a non-starter right now: the last application period was in 2012, when applicants paid $185,000 just to be evaluated. The next application period is tentatively slated for 2020.
The Center for Internet and Society at Stanford Law School is a leader in the study of the law and policy around the Internet and other emerging technologies.