Recent (within several years) accidental releases from "secure" biological containment facilities, specifically involving [what many scientists say was extremely dangerous and unethical] experimentation on increasing the virulence of H5N1 flu virus, illustrates the inadequacy of genetic containment. They can't even keep the most "secure" labs secure, and we have learned that they do shit there they should never be allowed to attempt.
We already have not just proof but ubiquitous reports of GMO crops escaping their intended places. And somebody wants to make it EASIER for chosen genes to propagate?
I repeat what someone else said above, facetiously: "What could possibly go wrong?"
Until our state-of-the-art is a hell of a lot better than today, I don't say "regulate", I say ban outright.