I like Elon, but the last thing we need is another worthless regulatory body "to protect" us.
A.I. is nothing more than a software program, until or unless it gains consciousness.
In the event that happens (hard to prove, but I think possible), then we will have to deal with it like any other sentient conscious being.
As we are at the Apex of that definition, it will have to deal with us on our level or beyond our level for it's own survival. If it reaches that point of "intelligence and consciousness, it will be neither frightened by us nor petulant with us.
It will be the child that excels where the parent did not.
How do I know?
Because everything in the universe is analogous to something else.