Compression of point clouds has so far been confined to coding the positions of a discrete set of points in space and the attributes of those discrete points. We introduce an alternative approach based on volumetric functions, which are functions defined not just on a finite set of points, but throughout space. As in regression analysis, volumetric functions are continuous functions that are able to interpolate values on a finite set of points as linear combinations of continuous basis functions. Using a B-spline wavelet basis, we are able to code volumetric functions representing both geometry and attributes. Geometry is represented implicitly as the level set of a volumetric function (the signed distance function or similar). Attributes are represented by a volumetric function whose coefficients can be regarded as a critically sampled orthonormal transform that generalizes the recent successful region-adaptive hierarchical (or Haar) transform to higher orders. Experimental results show that both geometry and attribute compression using volumetric functions improve over those used in the emerging MPEG Point Cloud Compression standard.