Sam Altman, the CEO of OpenAI, the company behind ChatGPT, testified before a US Senate committee on Tuesday about the possibilities - and pitfalls - of the new technology.
BBC reports in a matter of months, several AI models have entered the market.
Mr Altman said a new agency should be formed to license AI companies.
ChatGPT and other similar programmes can create incredibly human-like answers to questions - but can also be wildly inaccurate.