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What sort of regulation is desirable and realistic when it comes to biotechnology/new technologies

Technology such as GM foods, assisted reproduction, etc.. have a sort of "moral view about nature" attached to it and play a critical role in policy making. Therefore, I was wondering what sort of regulation should be involved when making policies about these kinds of technologies? Should there be more regulation? Less? should it be governed by the government, private sector, scientists, the public? etc..

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    Oct 26 2013: Innovation friendly regulation is desirable which may sound unrealistic for the time being but will evolve to be realistic over time. That's what happened in past as well....

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