has nobody looked at the history of Industry Led regulation? or watched a Terminator film?

light touch regulation recommended by the industry directly led to the 2008 economic collapse.

a desire to not have to comply with federal regulations is why there are deadly issues with the Texas energy grid on a regular basis. wanting to avoid EU regulation in numerous areas, Britain's Brexit has led to higher pollution of Britain's rivers and beaches as well as recent outbreaks of contaminated drinking water.

Emergent technologies & technologies affecting large numbers of people are exactly the places where extensive oversight by people not dependant on the success of the product should be enacted.

As a final point, the Manhattan Project was one of the most tightly controlled, government led, operations.