The problem with having it regulated is quis custodiet ipsos custodes?
Governments are no more than groups of people, one of the defining characteristics of which is that there is no higher power governing them.
If groups are to be unregulated by any outside agency then what must be borne in mind is that no such group ever became corrupted by anything other than corrupt individuals working within it to their own ends.
How, therefore, is that to be prevented without recourse to outside agency … and how should that agency itself be regulated?
Obviously, we could put me in charge …
… and things would definitely improve — anyone acting unethically/immorally would not be in a position to make the same mistake twice.
But, in that case, I’m not sure that AI will advance far enough, fast enough, in the time remaining to us before the need to exterminate the entire human race would render the matter academic.