My premise is that I don't agree with the regulator :) Of course a regulator is there to regulate so their incentive is to find things to regulate. > The regul

My premise is that I don't agree with the regulator :) Of course a regulator is there to regulate so their incentive is to find things to regulate. > The regulators consider it to be more like an asset class Being an asset is also applicable in my opinion. But assets and securities are not the same, and this is what's changing - regulators switching the categorization from assets (which was implicitly and somewhat explicitly the state until now) to securities.