All I know is that our attorney for my FinCEN-registered MSB advised me after the Bitcoin Conference to stop selling immediately, in spite of being registered with FinCEN and having a great compliance program.  What he took away from the conference, the other attorneys he spoke with, and some of the panels was that unless you have the resources/funding available to register with whichever states you want to trade in, you will run the risk of prosecution.

But that's just our attorney.  It is quite possible that TC's team has found some better way to continue selling bitcoins in accordance with even the state laws (meaning that they operate in a way that doesn't define them as money transmitters) ... so I'm not sure anyone here can pretend to know TC's situation, legally speaking. 

What I can say is that TC is intelligent, dedicated, and has a good team to help him figure out how best to proceed.  Since my own btc company is now closing its doors, I can only hope that TC finds a way forward where the rest of us were not able to.

This is all to say to Viceroy that it's not really your place to judge here because none of us know all of the details here, and if anything, we should be supporting and encouraging those companies still operating because if we all have to shut down, that will be a sad day for many of us bitcoin enthusiasts!