In the past several months, cryptocurrencies have been all over the news with the meteoric rise in the value of Bitcoin up to $20,000. At its peak in early January 2018, the total market capitalization of all cryptocurrencies approached $800 billion before dropping to below $300 billion by April as Bitcoin’s value fell precipitously. These extreme fluctuations in value, paired with numerous examples of fraud and criminal activity, naturally raise the question of government regulation. So who is responsible for regulating this rapidly expanding industry? The answer depends on how cryptocurrencies are classified.