You're trying to make a semantic argument and say that cryptocurrencies aren't regulated until you sell them for other currencies that are. My counterargument--

You're trying to make a semantic argument and say that cryptocurrencies aren't regulated until you sell them for other currencies that are. My counterargument--where admittedly I skipped some steps and didn't explain very well--is that that turns cryptocurrencies into a commodity, not a currency, and that cryptocurrencies are particularly valueless commodities. FWIW, you're saying that while cryptocurrency stays on the blockchain it's not regulated. That's definitely not true in the US--people have gone to jail for not complying with financial regulation and reporting laws [1]--and is likely soon to be even less true [2]. [1]: https://digitalcommons.nyls.edu/cgi/viewcontent.cgi?article=1412&context=fac_articles_chapters https://digitalcommons.nyls.edu/cgi/viewcontent.cgi?article=... [2]: https://news.bitcoin.com/cryptocurrency-act-of-2020/ https://news.bitcoin.com/cryptocurrency-act-of-2020/