Is crypto a commodity, security, or something else? Is crypto an opportunity for financial inclusion or a scam full of consumer abuse? Can regulation truly balance innovation and consumer protections? These are some of the questions facing regulators and policymakers right now. So how do they think about these questions, what challenges do they see, and how will they weigh the pros and cons? Only time will tell, and only then will we know whether regulation will derail or unlock the future of crypto.