It’s no secret that the cryptocurrency space has taken quite a hit recently. Undeterred by this dip, some observers point to the early days of other technologies as evidence that, after some course correction, the technology will take hold.

Cryptocurrency and non-fungible tokens (NFTs) may likewise experience a similar trajectory. For now, regulatory activities have been fraught with challenges due to the unique nature of cryptocurrency, which has variations that blend aspects of money, stock and commodities, as well as data storage issues. Regulators are basically shuffling their feet while trying to ascertain if and how the government should step in.