In this paper, we examine issues related to the standardization of DRM systems or, more generally, IPMP systems. Rationale behind the need for standardization, targets of standardization and some general guidelines for successful standardization are presented. Both successful and failed past standards are examined for lessons and strategy. Use cases, particularly from the point of view of fair use, are examined in this context. Currently active standardization activities, and technologies and techniques essential for their successful implementation are discussed in some detail. Finally, we summarize the discussion, and answer the million-dollar question – can DRM be standardized?