it could be a security?
Sec might sue them directly, but that comes later. They don't have to sue them directly to get algo classified as a security, per a win over bittrex or a settlement with bittrex
The only reason Algo is getting caught in the crosshairs is because it's ISO20022 - and the Cabal are deathly afraid of it. No different than XRP.
That is just a protocol standard. Please do some reading before spreading fud.
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