While social media bots have the ability to greatly affect US national security and public discourse, the current landscape of US federal and state laws regulating such bots is limited. This study explores the challenges inherent to passing social media bot-related legislation and details current efforts to do so, including at the federal and state levels. It briefly explores the context in the European Union as well. This paper then discusses the dilemmas social media companies face as they think about effective bot policies and identifies the four main categories of policies through which the social media platforms regulate the use of bots on their sites. As they face evolving threats from bots, the social media companies will continue to adapt their policies accordingly, though it remains an open question whether and to what extent these companies should regulate themselves in the face of additional pressure from Congress and the public.