; or (2) apply for a certification under this chapter for such operation of the space object, and continue to operate pursuant to such covered license until such time as a certification under this subtitle is issued. (b) Rescission or transfer of a pending covered license For operations of a space object of a United States entity that are not subject to an exemption under section 80111, and that are set forth in an application for a covered license that is pending approval on the effective date of this section, the applicant may elect to— (1) rescind its application for a covered license without prejudice