Well, we know anyone can issue a security on there. But if it doesn't have regulatory backing from your state then obviously you won't be able to use it without the risk of getting yourself in trouble. Also if it gets regulatory approval, big names (namely overstock) will list themselves on it. So regulatory clarity and development, will work in the favor of the Counterparty development and XCP currency for the speculators. This explains a little about time frame http://www.counterpartyforum.com/forum/main-forum/24-adam-krellenstein-speaks-about-counterparty