Many experts in the AI field now realise that the term 'Artificial Intelligence,' originally chosen to define this rapidly evolving domain, unwittingly laid the groundwork for some of its most significant challenges. This early nomenclaturemisguided the conversation from the outset, setting questionable objectives for the AI community and shaping a public perception that strayed from reality. This foundational misstep has led to widespread misconceptions about AI’s capabilities, characteristics, potential impact, and the regulatory expectations surrounding the technology. After participating in two high-level panels on AI regulation in December, held at TechUK’s Digital Ethics Summit in London and the United Nations UNCTAD eWeek in Geneva, I was inspired to further develop and clarify my thoughts on the subject through writing. Both sessions encompassed a range of governmental and multilateral initiatives, including the G7 Leaders’ Statement on the Hiroshima AI Process, the Biden Administration's Executive Order on AI, the UK AI Safety Summit’s Bletchley Declaration, and the EU’s AI Act. This piece aims to crystallise and elaborate upon the perspectives I shared during these discussions, offering a deeper exploration of the broader challenges in AI regulation and inviting feedback on the insights I provided.