If that's what you mean, it does not violate securities laws.
There is an exemption for the Howey Test if you cap fundraising at $100,000. Bryce did exactly that. He's worked with regulators from the start. There's photographic evidence. There's evidence on the SEC website.
If you have access to some other information I'm not aware of, do tell.
The only evidence I found on the SEC's website was related to his Altmarket company. It was an application for an Exempt Offering of Securities, the total amount they were seeking to raise was $5 million. So where did you get the $100k number from? If there's more evidence on the SEC website as you claim, feel free to post it here.