We can selectively ban uses without banning the technology wholesale; e.g., nuclear power generation is permitted, while nuclear weapons are strictly controlled.
I think the more relevant question is: Do you want to live in a Chinese dystopia, or a European one?
If it's winner takes all for the first company/nation to have AGI (presuming we can control it), then slowing down progress of any kind with regulation is a risk.
I don't think there's a good enough analogy to be made, like your nuclear power/weapons example.
The hypothetical benefits of an aligned AGI outweigh those of any other technology by orders of magnitude.
We should not be racing ahead because China is, but investing energy in alignment research and international agreements.
We do know that. By literally looking at China.
> The hypothetical benefits of an aligned AGI outweigh those of any other technology by orders of magnitude.
AGI aligned with whom?
The primary difference is the observability - with satellites we had some confidence that other nations respected treaties, or that they had enough reaction time for mutual destruction, but with this AI development we lack all that.