basically if your a intermediary business handling other peoples sovereign money, then you are a transmitter and need to show that you are doing it correctly by being licensed (meaning you have federal insurance against sovereign money loss and have to follow rules on handling it).

individuals and private investors are free to do what they like.

great news

this should sort out the noobish inexperienced and unqualified people from thinking they can handle millions of dollars of other peoples wealth, simply because they set up a website. it also clarifies what everyone should know. that regulation is just for the sovereign businesses, and does not make bitcoin regulated.