As this article points out, the only 'money' is that stuff issued by the State, and in the case of USA by the Fed.
So if money is ONLY fiat based, it then follows that BTC or alt coins are not, which makes one wonder how or why the SEC think they have jurisdiction over crypto.
What a mess, how are developers supposed to build the biggest thing since the internet if the 'rules' are made up on the whim of the banking cartel.
Hopefully more states will follow this simple logic, and allow the development of the greatest database, work process system take it's natural course.
https://www.coindesk.com/pennsylvania-rules-that-crypto-exchanges-are-not-money-transmitters