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STORY: Lawmakers are seeking ways to mitigate dangers of the emerging technology, which has boomed in investment and consumer popularity since the release of OpenAI's ChatGPT chatbot.

"I think the probability of there being some sort of regulatory agency that stands on its own similar to the FAA (Federal Aviation Administration) or FTC (Federal Trade Commission) is likely at some point," Musk told reporters.

The billionaire, who also owns the social media platform X, added that a regulator would "ensure that companies take actions that are safe and in the interest of the general public."

Lawmakers want safeguards against potentially dangerous deep fakes such as bogus videos, election interference and attacks on critical infrastructure.