I dont miss that at all. My point is that Labcoin is violating US law even if its not a scam. And yes, that applies to pretty much every security on BTCT, Bitfunder and other exchanges that are readily available in the US and accept US investors' funds. As for Active miner, the shares issued are for the Belize company, not the US based sales company, but indeed that doesnt make it any more legal.
You are clearly missing the point.
In the US, it's illegal to sell alcohol to people under 21. In most countries, the legal age is 18. If an 18 year old American went on holiday to the UK and bought a pint at a pub, the pub hasn't done anything illegal despite a violation of US law occurring because it's in the UK and abiding by UK law. If anyone could be said to have committed a crime, it would be the 18 year old American.
US laws are irrelevant outside the US. The laws that are relevant are those of the country you are in.