Anyone starting or involved in a a commercial enterprise that lends bitcoin to AMERICANS or borrows from them is regulated under securities laws at the state and federal level.
Interesting post. Can you provide a reference to a SEC document stating that transfer of virtual currencies between a bond issuer and bond buyers is regulated? I understand the concept of exchanging virtual currency for USD and needing to register as a Money Transmitter, and that seems distinctly different from a bond issuer paying dividends in the form of btc.