Instead of speculating on what the SEC do, look up Securities and Exchange Commission v. Banc de Binary Ltd

Banc de Binary were charged in 2013 with offering  securities transactions (binary Options) to US customers without holding the relevant broker/dealer licence.
There was no accusation of any fraud involved.

'The SEC's complaint seeks disgorgement plus prejudgment interest, financial penalties, and preliminary and permanent injunctions against Banc de Binary '

So worst-case scenario is the SEC seek to re-coup funds raised from Bitfunder (700k USD?) plus a fine and an injunction against ACtM listing on an unregistered exchange in the future.

It's not the end of the world if it happens, but I'd say it is  very unlikely. This is a new industry with many grey-areas. For the SEC to have a good chance of winning a case against any legitimate BTC company for incorrect listing on an un-registered exchange they would likley have to have a cease and desist instruction go ignored.


http://www.lexology.com/library/detail.aspx?g=b3fc9cc9-822b-4a29-938b-b48278adece4

http://www.sec.gov/litigation/litreleases/2013/lr22718.htm


NB -  the rationale behind the above court-case was the economic protection of the regulated US Binary Broker/Dealer industry - protecting US business. That's fair enough. But how would taking ACtM to court protect US business or jobs? It wouldn't.