TLDR: A series of failures in the AI industry has shown that self-regulation is not effective at ensuring the safe and trustworthy use of AI. The EU AI Act and Biden’s AI Executive Order are setting new standards and rules for AI use, and organisations that do not comply with these regulations may be locked out of government contracts and research opportunities. Despite warnings from experts about the risks of poorly-designed AI tools, many organisations continue to rush to adopt AI without considering the potential harms. Companies are now facing challenges in building consumer trust and addressing concerns over AI and privacy. The Pew Research Center found that 70% of those surveyed have little trust in companies to make responsible decisions regarding AI. The EU and the US have recognised the need to regulate both existing and future AI risks through comprehensive rules and a supportive ecosystem. Proponents of self-regulation argue that strict rules stifle innovation, but this argument ignores the fact that self-regulation has failed in other industries like social media. AI harms often disproportionately affect marginalised communities, exacerbating inequality and devaluing the people it harms. The recent failures of OpenAI and LAION 5B have demonstrated that self-regulation is inadequate in addressing safety and privacy risks. Both the EU and US governments are taking steps to introduce stricter regulations and hold organisations accountable for the use of AI.