>Why do you then believe that cryptocurrencies are somehow different? How about Axie Infinity, which is specifically a game similar to Pokémon cards?

The first two words in NFT are "Non-Fungible." Those are certainly not securities.

Level-1 coins (and most L2) are fungible by design. He's not in trouble for dealing in NFTs.

If that's not a meaningful difference, then I'm curious for what your explanation is for why NFTs exist.