I, for one, trust neither the psychopaths running these companies or the psychopaths we'd give any regulatory authority to. All of them have reasons to want broad control of an extraordinary technology, and none of those are aligned with me or any of the normal people I know.
So there are no good options (that I'm aware of) and starting to chisel any of them into stone seems... kinda scary. Like a massive power grab event where all the potential winners are awful.
Honestly, fair point. There's not much truth to go around these days. But still, doing nothing is also a massive power grab. We're facing a technology with no comparison in the history of humanity: the creation of a new mind. Doing nothing is like doing nothing about nukes. There are a few smart people who have come up with ideas that will not require that much trust.