The rules are definitely coming, so let's make sure they lead to a future we want.
Follow the money, follow the money, follow the money. All else is theater, kabuki, kayfabe, posturing, virtue-signaling - whatever your favorite term. There is not going to be any licensing of GPU's or of model-training or anything like that (at least in US and Europe), because that is a business matter. Europe does still actually have some democracy in terms of control over money, so they are dealing with regulations of business uses. The US doesn't have that, so the only regulatory battle is payment between data-suppliers vs the data-users, and everything else is a sideshow. I'm starting to think OpenAI was very clever, since they started the media circus themselves, in a way which insured they'd get excellent press. But that's just pundit-fodder, it will never amount to any action.