This is a good explanation thanks. One thing that is still unclear to me and I would love to get clarification on in another post: what is the legal standing around coins that are considered securities and others that are not and how did it come about?
I can help you with that. A hoard of lawsuits started being filed against people who fraud-ed people using crypto's. In order for the people who were ripped off to be able to proceed in court for losses the federal chairman had to make a determination that crypto's held value, he determined that crypto's hold the same value as any other fiat.
https://www.sec.gov/news/testimony/testimony-virtual-currencies-oversight-role-us-securities-and-exchange-commission
I doubt that, but even if true, each new update or fork is argued to be a completely new network if I understand OP's logic correctly.
There are no exemptions, at least in any filings made in US courts, as long as the crypto has value it is held to the same rules applied to fiat, meaning if you lose your value over deceptive/illegal practices you can file suit for losses/damages.