The press and the blogosphere have been echoing EPA's new nanoproduct-focused regulation. Yes, EPA has decided to "regulate" silver nanoparticles used in various consumer products such as high-tech odor-destroying shoe liners, food-storage containers and air fresheners. The silver nanomaterials are used to kill germs. However, there are worries that they will harm beneficial bacterias:

Until now, new products made with tiny germ-fighting particles of silver did not have to pass muster with regulators. That has concerned environmentalists and others who think that the growing amount of nanosilver washed down drains may be killing beneficial bacteria and aquatic organisms and may also pose risks to human health.

Companies using silver nanoproducts will have to prove to the EPA that their product is safe. According to WP:

Under the new determination, first reported on Tuesday by the Daily Environment Report, a Washington publication, and confirmed yesterday by the EPA, any company wishing to sell a product that it claims will kill germs by the release of nanotech silver or related technology will first have to provide scientific evidence that the product does not pose an environmental risk. "We will be able to evaluate them and ensure that these products are not going to do damage to the aquatic environment," said Jim Jones, director of the EPA's Office of Pesticide Programs.

I have not really seen the so-called "regulation" so I am not able to give my analysis here. However, there are several questions that can be asked: