Two news stories from today involving bitcoin security offerings and hosted mining companies:
"Eric Voorhees Faces $50,000 Fine Over Unauthorized Securities Sale"
http://www.coindesk.com/sec-eric-voorhees-deal-unauthorized-securities-sales/

"Missouri Secretary of State Halts Mining Business Over ‘Deceptive Tactics'"
http://www.coindesk.com/missouri-secretary-state-halts-mining-business-deceptive-tactics/

LRM is not close to being as bad as those two (Voorhees blatantly had an IPO of an unregistered security; VMC was intentionally deceptive); I think LRM doesn't have to worry about this stuff. It's close, but it should fall on the "safe" side.