The cat's out of the bag unfortunately. I can download stable or unstable diffusion on my home PC and make it generate all kinds of stuff. It's open source so you can't really stop that knowledge from spreading.
You can however recognize that the majority of people won't do that, and write rules around software that is delivered as a service or for a fee. That would stop 90% of it.
So while regulating GenAI is possible, it's not full fix. GenAI is kind of still the risk.
Holy shit I need to watch that movie again. It's unfathomable to me how he can play that character with a straight face.