Interesting. The following is pure speculation (and is not tax advice to anyone):

My take of the Senate hearing was that the SEC may treat certain ICO related tokens as if they are financial interests in a business meaning "securities"? If the IRS follows, maybe for code section 475(c)(2), ICO tokens would be treated as a "new" form of common stock - a security.

Then, for purposes of code section 475(e), maybe all crypto could be security for falling into the commodity bucket.

I've tried to caveat of my articles with the uncertainty in like kind exchanges primarily for this reason. And I have expressly stayed away from day trader election issues because it is the unclearest part or all this right now.

I have always tried to write the what if's of every situation but I haven't really went down the rabbit hole of the defining a security. This is a great feat! I am going to read the regs and report if I see any other helpful tidbits.