Oh I see, thanks for the explanation. Thus far most of what I'm hearing is that they're not securities, whereas your point is that if we assume that they are, they've been given no mechanism to register as such, which is a totally fair argument. To be clear, looking back at the FTX, Luna, etc debacle, the SEC is not blameless in the least for all this - they claim to be interested in consumer protection but have done zero in this space in that respect. I think Jack Mallers said it best that the SEC can either do their job and provide regulatory clarity and protect consumers like they say or they can stfu and let the market figure it out.