The paper constructs a three-tier "substance-over-form" unifying taxonomy that segments the crypto universe into groups such as Infrastructure & Stored Value, Security & Utility Crypto, and Liability-Based Instruments. It applies this framework through empirical analyses to pinpoint asset distributions and risk concentrations. Finally, it translates these insights into an actionable policy blueprint to rationalise regulatory architecture (including SEC-CFTC jurisdictional allocation), manage legacy assets, and ensure consumer protection.