The doctrine of first sale would never be allowed today if it hadn't already been enshrined in law over 100 years ago. Stakeholders would insist that creators wouldn't create if people could fund community libraries and thereby shrink the book market. They'd demand the same thing for physical books that they've implemented for almost all ebooks: a pay-per-lend system. The effect would be a substantially higher cost for each loan-out. Congress would go along, just as they went along with a new copyright term of min(120, life+70) years.

In the U.S., in 1909 when the doctrine of first sale was codified, the copyright term was 28 years + 28 years upon renewal, and copyright had to be registered. That would never be accepted by copyright interests today, either.