U.S. regulators issued a new cryptocurrency ruling and denied the last of the bitcoin ETF proposals. Regulators don’t make the laws, they only enforce the laws. IRS rules may not make sense, but at least it’s taking crypto seriously. The IRS has always treated cryptocurrency as property. It has to base its rules on 80-year-old US laws that never considered the idea of cryptocurrency. The SEC will not stretch the rules so Wall Street can collect more fees.