I think there is an obvious example in the FAA of a successful safety regulation of another potentially dangerous technology industry. A similar agency would seem to me like a logical starting point. I did some minor work a long time ago in commercial avionics software and while it was a very tedious process I did have confidence in it. Obviously a lot of things would have to be different but the basic structure of development and testing standards, record keeping, transparency, and government incident investigation seems like the place to start.

And what has the FAA done to both costs and innovation?