They should be considered regulated, because there is some value underlying them (the forex), plus they're traded and offered to unsophisticated investors etc.

They should be considered regulated, because there is some value underlying them (the forex), plus they're traded and offered to unsophisticated investors etc. A BTC ETF could maybe be the same. Similarly shares in a farm would be regulated, but farms (or cattle :) ) would not be. Otherwise the SEC ends up regulating all known trade and/or value production...