How can governments effectively navigate the tension between promoting innovation and protecting consumer rights when updating regulations in rapidly changing industries such as artificial intelligence and biotechnology?

Governments can effectively navigate this tension by engaging with industry stakeholders and experts to understand the potential impacts of new regulations on innovation and consumer rights. They can also conduct thorough risk assessments to identify potential harms to consumers and mitigate them through targeted regulations. Additionally, governments can establish clear guidelines and standards for companies operating in rapidly changing industries to ensure that innovation is not stifled while also protecting consumer rights. Lastly, regular monitoring and evaluation of regulations can help governments adapt quickly to new developments and strike a balance between promoting innovation and protecting consumers.