Artificial Intelligence (AI) is rapidly transforming our world, holding immense potential to reshape the veryfabric of our society. However, this transformative power comes with a critical challenge: the current legaland regulatory landscape is struggling to keep pace with the explosive growth of AI, particularlyGenerative AI (GenAI). This paper aims to provide a high-level overview of existing legislation andregulations, and their impact on AI development, deployment, and usage. Our goal