What could AI regulation in the US look like?

In the United States, there has been very little movement toward establishing a regulatory framework at the federal level for artificial intelligence. Why is that?
ChatGPT, the large language model released by OpenAI, is one of several such tools that have revolutionized the legal industry in a short amount of time, igniting debates about whether artificial intelligence has to be regulated—and by whom. The European Union recently took the first step toward passing the AI Act, whereby regulation would increase in proportion with the potential threat to privacy and safety that an AI system poses. China has also drafted rules to regulate AI.