I'm not sure what the right approach is, but agree that doing nothing is going to get us into trouble.
I've gone deep into the AI community and can guarantee it will not self-regulate.
When I get into discussions about things like copyright, the free press, and such, I find it useful to go back to core principles.
I co-lead the 1500+ strong global INSEAD AI Community. While I don't speak for them, I see a huge divergence in views in this quite influential group that includes academic and business leaders from around the world.
My sense is that most people would agree with the basis principles I wrote here (with AI help), until they realize it would require a totally different approach to AI.
I have not seen what Ro Khanna has been working on - will have to see how different that is.
In any case, I think we need a debate on core principles before it is too late.
https://medium.com/@robert_14895/digital-age-declaration-of-human-rights-1st-draft-14b7bfefc890