I don't think that's an ad-hominem attack at all. The entire point of crypocurrency from jump was to escape the "reckless inflation/deflation of fiat currency",

I don't think that's an ad-hominem attack at all. The entire point of crypocurrency from jump was to escape the "reckless inflation/deflation of fiat currency", fiat currency meaning state-sponsored currency. The goal was to create an object that would hold value outside the traditional financial sector, similar to things like gold. I think the only real problem is that the crypto community took the several decades of the various governments world-wide not giving a shit about their $0.0004 coins as admission by those governments that they were beyond regulation and not, as would be a far simpler explanation, not worth their time to regulate. And once it was worth their time, it was regulated. To be clear, I don't know or really care if these stupid things are securities or what. But I do know that you're going to need a lot better of an argument than an "um actshually" to get the Feds off your ass. Y'all went and achieved your dream: a parallel financial system. Now Uncle Sam's comin' to get his cut.