In 1999, the Federal Communications Commission (FCC) allocated 75 MHz in the 5.9 GHz ITS Band (5850-5925 MHz) for use by Dedicated Short Range Communications (DSRC) to facilitate information transfer between equipped vehicles and roadside systems. This allocation for DSRC in the ITS band has been a co-primary allocation while the band is shared with the Fixed Satellite Service (FSS), fixed microwave service, amateur radio services and other Federal users authorized by the National Telecommunications and Information Administration (NTIA). In recent time, Cellular V2X (C-V2X), introduced in 3GPP Release 14 LTE standard, has received significant attention due to its perceived ability to deliver superior performance with respect to vehicular safety applications. There is a strong momentum in the industry for C-V2X to be considered as a viable alternative to DSRC and accordingly, to operate in the ITS spectrum. In another recent notice, the FCC is soliciting input for a proposed rulemaking to open up more bandwidth for unlicensed Wi-Fi devices, mainly based on the 802.11ac standard. The FCC plans to work with the Department of Transportation (DoT), and the automotive and communications industries to evaluate potential sharing techniques in the ITS band between DSRC and Wi-Fi devices. This paper analyzes the expected scenarios that might emerge from FCC and the National Highway Traffic Safety Administration (NHTSA) regulation options and identifies the technical challenge associated with each scenario. We also provide a literature survey and find that many of resulting technical challenges remain open research problems that need to be addressed. We conclude that the most challenging issue is related to the interoperability between DSRC and C-V2X in the 5.9 GHz band and the detection and avoidance of harmful adjacent and co-channel interference.