Almost correct. This goes way back before there was an FAA. As aviation started to prosper in the US, individual states to tried regulate aircraft in the same manor as states regulate automobiles today. They were even licensing and registering individual aircraft just like cars. The Feds then realized that aviation was good for interstate commerce and did not want states to mingle in such maters. So they decided to declare the nation's airspace as a Federal National Asset giving them full control. They also decided that all US aircraft must be registered and licensed only by the federal government, not states. This is the reason that even today all US aircraft tail numbers must start with the letter "N" meaning "National" registration. When the FAA was established in the 50's as the successor of the CAA, Civil Aviation Authority, these rules were already in effect. It is only when the Feds, (FAA) come out with new rules covering drones will we see changes. The are suppose to working on it but it has been under study for a couple years now with no results.