Financial regulation + Bitcoin = You lose.

Fiat based economies can afford to lose time and and resources again and again from due to their incoherent rules. They just print more get away with it.

Bitcoin is different in that supply is very limited and it cannot afford to lose BTCs and lawyer fee to outdated, obsolete oligarchic restrictions. (whatever that mean)

I refuse to limit myself to documents such as SECURITIES EXCHANGE ACT OF 1934.
Haven't read but I think it's safe to say ~30% of what's written in there is ridiculous and make no sense when applied to a world of bitcoins and global online transactions.