The SEC already regulates insider trading and front running. Is this confusing for you? Whether or not those regulations apply to bitcoin is a matter of conjecture on both of our parts.
Ok, can you show me the SEC ruling that shows that Bitcoin has been classified as a security? The SEC regulates 'securities'. Their rules only apply AFTER something has been classified as a security, and not before. Perhaps this is your confusion. Bitcoin has not yet been classified as a security, hence the fact nobody knows how it will one day be classified. Until then, none of the SEC or CFTC rules apply.
This is what I was asking from the start -- the explicit definition of "security" and whether or not bitcoin can be interpreted to be within the purview of that definition. I am confident that an asset does not need to be explicitly classified as a security if it fits the legal definition. I am not confident that bitcoin necessarily fits that definition. I wanted clarification on this point.