The development of deepfake technology, a form of synthetic media created using advanced AI techniques, exemplifies both opportunities and significant challenges—while empowering individual creators, deepfakes have also been misused for phishing, fraud, impersonation, and other malicious activities, highlighting the urgent need for effective governance. This paper explores the evolving governance of deepfake technology under the influence of diverse stakeholders, including the public, industry, and government. Using deepfakes as an example, we examine how competing perspectives shape regulatory approaches and discuss broader implications for governing emerging technologies. Our findings underscore the fragmented nature of stakeholder motivations and the resulting power dynamics, which often prioritize the interests of tech companies and media organizations over those of vulnerable groups. This study contributes to the discourse on governance and responsible technology development. We offer insights for scholars to address challenges at the intersection of ethical technology design, organizational policies, and societal needs.
