Bitcoin has been created to avoid regulations and intermediaries when exchanging value. Smart contracts allow you to have tokens tradable 24/24 7/7 with no government oversight whatsoever and complex interactions with users.
It's not “identical”, just as trading coconuts for pearls is not the same with options trading, executed by an OTC dark pool in the US market.
Also, the regulator doesn't agree with you : Gensler refuses to say if ETH is a security or not. Following your line of thought this should be a no-brainer. Maybe there's a political reason behind this unprofessional behavior from the American regulator?
Anyway, crypto leaving the US is a net positive for the world, as it will further free itself from imperialistic domination.