I'm a PhD student in genomics (read: argument to authority). Regulatory issues are definitely important and largely an impediment that should be removed, imo. That said, I think the larger issue is capturing and integrating good phenotypic and disease state data into datasets. Although there are large genomics data sets available, generally they have pretty sparse and poorly annotated phenotypic data. This is actually tied to other regulatory issues related to medicine. If you think this is important, please do consider getting involved in the area.