A lot of the SEC rules are hopelessly obsolete for the purposes of Bitcoin investments (many of them are obsolete for the current US Equities market!). Also, there is the FINRA angle? Maybe?

MSantori, is there anything further that you can offer about the consequences of this with respect to established securities law? Possible exemptions? I know it's a very broad question, but I'm sure it's on everybody's minds.

ie, will one have to be a registered Broker-Dealer just to trade in BTC securities? Series 7/63/55? It just seems ridiculous, the model is entirely different in BTC securities (everybody is a member of the exchange) vs cash equities (exclusive set of members, who act as brokers for the public).