Genetic modification in a laboratory is not exactly the same as selective breeding as it can easily bring in a gene from a different species causing unexpected allergic reactions to the corresponding protein. This has caused at least one death of a human. I'm not opposed to all genetic modification, in fact I think it's generally a good thing, but the business has to be carefully regulated. Industry claims that it's totally safe are clearly inaccurate when someone has already been killed by it.

There's no point in having strict rules on food ingredients and labelling if manufacturers are allowed to, in effect, include any chemical whatsoever that can be built biologically: all they have to do is genetically engineer it into wheat (say) and write "wheat" in the ingredients. And the consumer has no idea what they're getting.