When considering the need for regulatory response, it is instructive to recall efforts by committees of both the House and the Senate in the very tech-conscious environment surrounding Y2K. After extensive hearings, committees concluded that caution should be exercised in changing laws and regulations to accommodate technological innovations.
This sensible conclusion was based in part on two important realizations - first, that however well intended, efforts to alter current laws and regulations may assume that today's technological state of the art will also be tomorrow's and, second, that any changes based on that assumption could have the unintended consequence of stifling innovation.