compared to bitcoin 

and the amount of money you pay miners to continue mining

if the reason the sec treats only the variable insurance products as a security because there is risk in that you don't know what will be the payout... then how do they see btc? it is also risky and variable

https://www.investopedia.com/terms/v/variablelifeinsurancepolicy.asp

https://youtu.be/kim-6HGEc0w?t=1197