Crypto Can’t Be Regulated by Current US Regulators

It really doesn’t matter which agency regulates tokens, because all of them are premised on the same thing: the regulated item is static. A stock is a stock from the day it’s created until the day it is voided or the company is dissolved. Fiat is currency from the day it is minted until the day it is destroyed.

But not tokens. Tokens are dynamic – they can have multiple different functions to different holders, or even to the same holder, simultaneously. And there is no regulatory system in the world that can account for that.

Source: Crypto Can’t Be Regulated by Current US Regulators