[alephnerd]

Fiat currencies are backed by the issuing government, who in turn follows globally agreed upon regulations.

This is why a cryptoCURRENCY is treated as a security.

[0x457]

That's not exactly true, though. Only coins that are backed by something are treated as securities: ICOs, stablecoins and similar. ETH for example is not a security by any definition used in the US. This is why bitcoin specifically not included in those lawsuits.