I can't say for sure that the author or interviewee even knows what the definition of an algorithm is.
No, the government absolutely should not be involved in regulating algorithms. You'll be able to enjoy a burdensome system for anyone that isn't a massive corporation. Good luck competing against Google when every 10 lines of code you write, you need to seek government approval.
I know you're not supposed to be dismissive on Hacker News, but it's so difficult to take this seriously when you display this level of technical ignorance.