Crypto - what should US do?

US citizens are subjected to strict limitations that are pretty irrational - stemming from securities law and regs governing commodities, on a state and federal level. This puts US citizens at a disadvantage to the global citizen in re trading, investing and owning crypto assets.

I'm not optimistic bout our government's future handling of crypto. But that begs the question, what would a "good" US government policy, rules and regs regarding crypto look like? Our securities, banking and commodity rules and regs are IMHO a poor fit. Translates to digital assets as well as oil/gas law in texas translates to groundwater (it shouldn't). What else we looking for in a rational US govt response? Adoption, not opposition...

Big gray area right now is, what is and isn't a security. We need some statement saying cryptoassets aren't securities, by default, and a test that allows us to determine when a token might be a security. Right now, we look to Coinbase legal team's determination as to whether a token is a security and, if so, generally unavailable to the us citizen. Any final ruling on Ripple may provide some answers here.