Genetic modification is a special set of modern technologies that change the genetic machinery of living organisms like plants, animals, and microorganisms. These technologies make it possible to modify the genome of various organisms with simple biological systems of high precision, low cost, and great potential. Genetically Modified Organisms (GMOs) have the potential to solve many problems related to malnutrition and world hunger. GMOs possess great potential for the preservation and protection of the environment by increasing yield and reducing reliance upon synthetic herbicides and pesticides. In North America, that is, Canada, Mexico, and the United States, many biotechnology products are synthesized and regulated under federal law. The regulatory authorities administrate the efficacy, safety, environmental, and health impacts of similar products derived using traditional methods. Challenges exist in various areas including safety testing, regulation, policies, and labeling of GMOs. Governments and research institutes should establish proper regulations and consider the regulatory framework of genome editing technologies, without creating problems for the commercialization of products derived from them.