[adventured]

You invented and answered your own false premise. You set it up by proclaiming fiat the closest counterpart, and then proclaimed that fiat isn't treated like a security. You're the one saying it's closest to fiat, not the regulators. The regulators consider it to be more like an asset class and not fiat money like USD. They have been very clear about that.

> Did somebody have to register the Brazilian Real with the SEC for it to be exchangeable in the US? No.

There is in fact a considerable regulatory system in place as it pertains to exchanging currency, currency laws, and so on.

[zhvihti]

My premise is that I don't agree with the regulator :) Of course a regulator is there to regulate so their incentive is to find things to regulate.

> The regulators consider it to be more like an asset class

Being an asset is also applicable in my opinion. But assets and securities are not the same, and this is what's changing - regulators switching the categorization from assets (which was implicitly and somewhat explicitly the state until now) to securities.

[mtlmtlmtlmtl]

So your premise is the thing you're arguing for? That's a circular argument.