The single biggest open question in US crypto right now is which regulator has primary jurisdiction over secondary-market token trading. SEC says it’s them. CFTC says many tokens are commodities. Congress has not resolved it.
Why it matters
Enforcement risk is the single biggest discount applied to US-listed crypto businesses. Resolve the jurisdictional question and that discount narrows.
What is likely
A version of the FIT21 framework — CFTC for "digital commodities" (decentralized enough), SEC for tokens still under control of an issuer. Implementation is what matters.