Sorta. If the token passes the Howey test, then the US based exchanges can list it. If it doesn't pass the Howey test, then the EXCHANGE will face the regulatory consequences. However, it would be in Blackmoon's best interest to abide by the US regulations because it's a very large market. Blackmoon Crypto divides their project into two separate tokens, BMC which isn't a security according to Howey, and Fund token which is considered a security under Howey. US citizens are not allowed to participate in the Fund token platform, as "Continuous Contributors," at this time but they are allowed to purchase BMC.