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.
My apologies, I missed the word Musk. I think what I said still stands that regulations can only hold back some of the damage, and that GenAI is still a big issue in and of itself.
With that said, you're right about Musk. He's a wildcard who is only out for his personal interets and he has way too big a following. He's a large problem to be sure.