Satoshi explained nearly 13 years ago, "Bitcoins have no dividend or potential future dividend, therefore not like a stock. More like a collectible or commodity."

Source: https://bitcointalk.org/index.php?topic=845.msg11403#msg11403

Satoshi’s concision never fails to amaze me. Simple sentences. Consistently with no hyperbole or emotions in them.

First, let's define commodity. A commodity is a subcategory of "goods." Specifically, commodities are goods that have little or no "qualitative variation" across units of them. Coffee beans. Rice. Wheat. Gold. Iron. Every unit is more or less the same as every other. Cars, houses, and computers are not commodities.

Now, let´s define security. Under the Howey Test, a transaction is considered to be a security if it meets the following four criteria: Money is invested. There is an expectation the investor will earn a profit. The investment is in a common enterprise. Profits are generated via the efforts of others.

I quote Erik Voorhees: "I've even more sure that it is NOT security. It's not backed against any promise from anyone to pay anything. Security requires an issuer.

Of all the categories that Bitcoin could fall into, security is not one of them."

The current SEC Chairman and the former SEC Chairman agree that Bitcoin is a commodity like steel, oil, concrete, wheat, silver, or gold.

"To be useful as a general-purpose store of wealth and means of wealth transfer, a collectible had to be embedded in at least one institution with a closed-loop cycle so that the cost of discovering and/or manufacturing the object was amortized over multiple transactions. Furthermore, a collectible was not just any kind of beautiful decorative object. It had to have certain functional properties, such as the security of being wearable on the person, compactness for hiding or burial, and unforgeable costliness. That costliness must have been verifiable by the recipient of the transfer -- using many of the same skills that collectors use to appraise collectibles today" - Nick Szabo "On the Origins of Money"

Notice how Satoshi also used the term "collectible" to describe Bitcoin in 2010.

Bitcoin is precisely designed to work in an adversarial regulatory environment. We don't care what SEC or any gov agency thinks about anything.

Nobody wants to hold fiat or the 2nd hardest money. Get Bitcoin or get demonetized. It's simple like that.