No it can’t, the brc20 token(or whatever they call the particular variety) itself would be the security, similar to a gold etf. The issuer would be issuing an illegal security based on a commodity. There will always be an individual who issued the

“Token” within the commodity that is bitcoin. Above and beyond that, the token doesn’t actually exist at all without an overarching serialization methodology, and casey can literally just turn that off and someone else would have to build it back up and turn it back on again to allow the “tokens” to even exist. There are layers to the onion and bitcoin will remain a commodity.