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Those you mention are regulated (to some extent). Is crypto? Main issue. Not a level playing field.

we're not arguing about regulations or ethics, he was just saying that it was just gambling, more regulations wouldn't change that

But crypto _is_ regulated. The SEC has been clear about how to treat and tax crypto.

> SEC has been clear about how to treat and tax crypto

The SEC has no authority over how crypto is taxed.

Their guidance to treat it like a security has clear tax implications, im obviously not saying they control the tax legislation itself.

> guidance to treat it like a security has clear tax implications

Not really. These are independent decisions. The IRS may incorporate the SEC's views into its guidance, but that's simply a courtesy.