The Internet of Things (IoT) is key to the digital future. Policymakers in the U.S. and abroad are studying and in some cases regulating it, based on concerns about security, privacy, and interoperability. The U.S. faces a few fundamental questions: How do we responsibly deploy IoT for the benefit of citizens and businesses? Should it be regulated and if so under what conditions? How can we preserve open international markets for what is—at bottom—inherently global and interconnected?