Other assets classes already have that

> Other assets classes already have that

Financial assets. You can even become an M&A advisor and, as long as you never touch securities, avoid registering with anyone.

user data is traded like financial assets and the burgeoning trend is to recognize it as user property

on the financial side the infrastructure of providers is also similar to securities trading

> user data is traded like financial assets and the burgeoning trend is to recognize it as user property

This is a tortured method. We generally treat things as property when we want to facilitate its ability to be traded and leveraged. What is the advantage of the property route versus enumerated rights?

> Can the government not already purchase access to these databases?

Sure. But providing mandatory registration and a legally-required API sure makes it easier. (There is also zero chance those data don't wind up accessible by every small-town cap.)