There was an attempt to start a new skating federation in 2001 (don't know how long it had been in the planning stages prior to that and IIFC, it was to be called World Skating Federation). Advocates for the new federation were promoting it at Vancouver Worlds.
Something did stop them. I don't know what, but someone else here might.
Sort of like the USFL in the 1980s, but they were not in direct competition with the NFL. They were a Spring league. They didn’t survive long, but I think their reasons were financial. I think the bigger an organization the more likely they are to fight off the challenge.
If the politics keep banning Russia from the Olympics, may be there should be an alternative where we could watch many of the top skaters in the world.