How did Ethereum get round the SEC rules on selling unregistered securities, or is it registered with them?
Yes it's forgotten that Ethereum tried a sale back in January but it was cancelled when they found out it was breaking Ontario Government laws on securities and crowd funding. No idea how they are able to renew the Ether sale without breaking laws in Canada. I imagine Ethereum has either relocated to Switzerland or Uganda as indicated on their website.
I don't think relocating can exempt them from Canadian law, especially when prior evidence indicates it was a Canadian operation, but that doesn't matter since the laws takes years to prosecute people and Ethereum company by then could be dissolved. Maybe Vitalik could be under house arrest like Charlie Shrem but then it's Canada so he'ld probably just get probation "don't you ever do that again young mister, oh and you can keep that $8 million you made".
Switzerland and it's not really an IPO. Loopholes baby