What is the legal status of owning them? I have seen advertisements when I google them for reds with "papers" certifying their heritage. Are any at all legal?
Absolutely no Scleropages formosus asian arowana is legal in the US. Aside from CITES umbrella, this species falls under the Lacey Act and the Endangered Species Act.
It's pretty stupid thats it's illegal in the U.S. when we have some of the best fish breeders on the planet. I would like to hope that one day the super red arowana won't be endangered and I can own one without having to pay 20,000 dollars. I mean isn't this one of the coolest fish you've ever laid eyes on!?!?!
The reason you've read about the papers is that in other places, such as Canada, we can have them as long as they have a certificate showing they are captive bred. They are still illegal in the states though.