It's such a cluster**** on parade everytime the Fed's are asked to make a ruling on or deal with Bitcoin. It's not really all that difficult of a technology to understand but for many of these people (many of which have doctorates in other fields) it still seems to remain a magical, mysterious land of, "Mathematical Data, That's Not Money!"
I guess they never bother to look at their bank statements long enough to realize that they're nothing more than a ledger with an account number. Virtually identical to the way a block in a block chain is numbered a bank ledger records transactions in a similar fashion to build an accounting ledger. Both contain a list of indexed transactions which in turn make both a bank ledger and block chain one big giant accounting ledger for all transactions processed. LOL.