We consider this to be wholly impractical. Science tends to be portrayed as a series of 'breakthroughs', but in reality progress is much more continuous. It is also impossible to predict all potential applications of a new technology. Most will be beneficial but all technology can be misused in one way or another. The solution is not to regulate the technology itself but how it is applied.
Many countries already have appropriate legislation.
Human Fertilisation and Embryology Act 1990. All experiments involving genetic modification are regulated by the Advisory Committee on Genetic Modification and the Advisory Committee on Release into the Environment. None of our work is currently directed towards genetically modifying farm animals for use as food, but if such animals were produced, they would have to be approved by MAFF's Advisory Committee on Novel Foods and Processes. This framework is not perfect and legislation will need to be amended as ethical views change and new technology is developed. Scientists need to be actively involved in the debate.