There is an overwhelming case against the current regulation of AI for existential risks. The regulation would compromise the progress in AI because regulators could not tell which lines of research make existential threats. Part of the reason is that these risks are not imminent and are not probable, thus making identification even harder. Finally, regulating at the national level might empower rogue nations to threaten the national security of well-functioning democracies. But international regulation is not possible, because it is difficult, if not impossible, to verify that prohibited lines of research are not occurring within another nation’s territory. Encouraging with subsidies the development of AI that is not an existential threat is the best way forward, because it will build up knowledge of potential dangers.