And what might the rules look like?
Both regulators and crypto bros cheer a ruling on Ripple Labs. Many call the regulatory framework governing digital assets outmoded.
Three agencies aim to keep traditional banks from getting too involved in cryptocurrency, which has lost value and seen corporate meltdowns.
The Securities and Exchange Commission is suing Gemini Trust Company and Genesis Global Capital for selling allegedly unregistered securities.
The industry is trying to distance itself from the collapsed exchange. Can it?
FTX operated outside the confines of traditional regulations, and its customers are unlikely to recover their funds, says Semafor's Liz Hoffmann.