Carlton Banks: Again, a technicality. The private keys are generated from your password, the law don't care if private keys are unencrypted, the password is key to protected information and that is where the law applies.
There is no password, there is no encryption. Sheesh.
The private key is information that can be reconstructed by your password stored in your brain. That would classify as protected information and likely fall under this specific law that we are discussing.