While we're at it, we might as well regulate the use of quarks and faster then light travel.

But regulate it HOW? It's a whole field in it's infancy. But you don't want regulation do you? You want to limit, stop, or reverse the progress of nanotechnology. To regulate it into oblivion so there's one less reason to lie awake at night.

The grey goo senario is in effect, it's called life.