Check6 I'm assuming these are the FAA Waivers which are required by any non N-reg aircraft to operate within US Airspace. It used to be a blanket waiver which lasted until revolked, but after 11/9 they changed the system to a case-by-case issue. Although the Dept. concerned are helpful, it's nowhere near as easy as it used to be. I understand that the penalties include withdrawal of licences and imprisonment under the Homeland security act, i.e. without a trial! It is therefore an important bit of paper!
With regard to the unfair competition, challenging it in court is an interesting thought - you could argue under competition law that this is an unfair practice, but I think you'd have to challenge it through the US courts system, and they're hardly sympathetic at the best of times!
There is, as far as I'm aware, absolutely no way around it - and I doubt, like Iron City says, that it will be changed in the near future.