Many participants in the Bitcoin securities market are violating US law. Not all, but many.

Some US Issuers are selling unregistered, restricted securities by means of general advertisements*.

Some exchanges are unlicensed, but US-based.

Some purchasers are reselling their unregistered, restricted securities to unsophisticated, unaccredited investors within one year of purchasing.

Part 3 of Bitcoin Law, my multi-part series on Coindesk will address this.

Edit: The general solicitation rules are lifted as of today, but that doesn't make legal the sale of an unregistered restricted security to unlimited numbers of unaccredited and unsophisticated investors.