If this is based on science and if regulation is required, the regulation would be a requirement that deals with the risk: There would be a mandated minimum SPOs2 level.
Old Akro noted the solution earlier, which solution private pilots in the USA chose to take years ago.
Sadly, Australian pilots are apparently too stupid to do the same and the regulator wouldn’t know how to write an outcome-based regulation even if it bit the regulator on the pitot probe.