As artificial intelligence (AI) continues to advance rapidly, discussions surrounding its regulation have intensified. The societal impact of AI ranging from job displacement to ethical concerns demands a careful examination of how to govern its development and deployment. AI technologies have permeated various sectors, including healthcare, finance, and transportation, promising enhanced efficiency and innovation. However, this rapid integration raises critical questions about accountability, transparency, and bias. Instances of algorithmic discrimination, where AI systems produce biased outcomes against marginalized groups, highlight the urgent need for regulatory frameworks that ensure fairness and equity. Governments and organizations worldwide are beginning to address these issues. The European Union has taken a proactive stance with its proposed AI Act, aiming to create a comprehensive regulatory framework that categorizes AI applications based on risk levels. This approach seeks to mitigate potential harms while fostering innovation. In contrast, the United States has adopted a more fragmented approach, with various agencies issuing guidelines and frameworks without a centralized regulatory body. Ethical considerations are also at the forefront of AI regulation discussions. The potential for surveillance, invasion of privacy, and the use of AI in military applications raises moral questions that must be addressed. Many advocates emphasize the importance of involving diverse stakeholders, including ethicists, technologists, and affected communities, in the regulatory process to create inclusive policies. Moreover, as AI continues to evolve, the pace of regulation must keep up. This dynamic technology landscape necessitates adaptive regulations that can respond to emerging challenges. Policymakers must balance innovation with public safety, ensuring that regulations do not stifle creativity while protecting societal interests. International cooperation is essential for effective AI governance.