Henrik Axelsen and Omri Ross provide an understanding of the challenges associated with regulating DAOs and the opportunity (if not necessity) of a transformational shift in the existing regulatory paradigm. The characteristics of DAOs, including fluid membership and locational independence as well as the financial resources implicated, raise the question of who, what, and where to regulate. The precedent of a DAO sanctioned for enabling money laundering highlights the urgency of initiating this discourse. With traditional finance as a reference, the authors discuss whether activity- or entity-based regulation is more appropriate and what current regulatory decisions mean for the DAOs landscape future.