That is the gist of it. Regulators are hopelessly behind and it's getting worse for them. Are they going to come out and say "stop the music and wait for us to figure this all out"? Not likely. That would be ridiculous.

What's happening also underlines the importance of nothing like a world government ever forming. We'd all be fucked if there was some giant global bureaucracy lording it over all of us with the power to stop anything.