How would you propose AI be regulated? I think any regulations would have to accurately encode our moral systems to accomplish safety and security without creat

How would you propose AI be regulated? I think any regulations would have to accurately encode our moral systems to accomplish safety and security without creating worse side effects, and since the law already does a pretty mediocre job of accurately encoding our moral systems, I'm skeptical that regulatory intervention can be fruitful. I fear that regulations' most likely outcome is increasing the chance of powerful AI being built as an amoral slave to capital rather than a societal good: it will be expensive to comply with regs, so it will kill mom+pop AI shops and only the megacorps will be allowed to play.