Propane

While camping last trip, I noticed propane leaking near my tank. I moved the propane hose and determined the leak was coming from the connection to the tank I turned the tank off and purchased a new hose. Alas, there still is propane leaking. It's clearly coming from the outlet vent at the bottom of the regulator. So, is this a result of a bad valve on the tank or a defective regulator? Any suggestions?