I don't think society has enough power to control what billionaires spend their money on. The promise of AI is such an attractive nuisance for power seekers that trying to crack down on it will just force it underground, where it will be developed with even less care and oversight than it is now.

Our institutions aren't even able to control what dirt-poor pirates do on hardware they own. How in the heck are they going to be able to control what incomprehensibly-rich people do? They can purchase political favors from whichever nations are selling them.