It isn't a bad idea to require recognition, but it is a bad idea to cede control of the process of recognition of academic institutions for .edu domains to the government administration of a single nation as there is far too much potential for a conflict of interest.

Also, although there are many places a hell of a lot worse, the US is not generally thought to be the worlds most trustworthy nation, if the argument is about the potential for political corruption or interference.

I just think it makes a lot more sense for .edu to be managed by one of the established international academic NGOs.