Voltage regulator or DC/DC converter

Yes, talking about 48V positive ground, which basically means -48V common mode. I've gotten around the grounding problem by using fully-isolated DC/DC converters, which allow me to connect the positive ground of the power supply to the negative ground of the Arduino without any problems.

That's an edge case anyway, and I don't mind forking out for the isolated DC/DCs in those situations. The +24V is the most common setup.