Does the FAA regulate drones at this time?
Maybe they regulate only a certain class / size of UAV / UAS?
Is drone regulation to the level that traffic is managed through ATC?
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Regulations regarding UAVs are very restrictive in controlled airspace. Whenever a company wants to test out a UAS, they have to request a block of airspace from the FAA (or local ATC body). This block is restricted to UAS traffic. No manned aircraft are allowed in that area for the duration of the test.
Currently companies are working with the FAA to integrate UAVs into the regular airspace system. Recently, the FAA designated 6 states as test sites for the FAA to test UAVs.
According to the FAA Modernization and Reform Act of 2012 as (1) the aircraft is flown strictly for hobby or recreational use; (2) the aircraft is operated in accordance with a community-based set of safety guidelines and within the programming of a nationwide community-based organization; (3) the aircraft is limited to not more than 55 pounds unless otherwise certified through a design, construction, inspection, flight test, and operational safety program administered by a community-based organization; (4) the aircraft is operated in a manner that does not interfere with and gives way to any manned aircraft; (5) when flown within 5 miles of an airport, the operator of the aircraft provides the airport operator and the airport air traffic control tower…with prior notice of the operation; and (6) the aircraft is flown within visual line sight of the operator.
FAA has released a set of "Dos" & "Don'ts" related to flying UAVs(drones):
The Regulations and Policies pertaining to the use of UAVs(Drones) in US airspace is available on the FAA website