Hey nice topic to bring up.
I agree it's a security. It's a right to own and use a financial asset. I'm certain the IRS will change its stance this year. It has to, because it can't continue treating crypto as property while also denying it all the special tax benefits of other property, e.g., like-kind exchanges, depreciation, etc. So it's going to have to change, whether on its own or by neglecting to enforce or by act of US Congress.
State can tax property however they want, it doesn't change what the federal government does.
I get the currency argument but there's no sovereign entity backing these things. In other words, no government issues or guarantees the value. Therefore not currency.
This happens because the policymakers are struggling to catch up with the technology. We're in for some fun times.
I would agree it is more of a security than property. Like you said, they just took away all the benefits of crypto being property.
States and federal government shouldn't really be in the same category, but if enough states feel the same way about something, then the federal government will be the next to follow.
I'm sure we will see a lot of policy changes this year.
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