Yet we still have the Lotteries and Casinos... People lose lots of money on those!

I don't see why someone should have to have a million dollars to buy into something they think is cool. Don't risk more than you are willing to lose. No different than the lottery(oh wait, those help fund schools they say!) and Casinos.

I wonder if the exchanges will have to register with the SEC now to? Also wonder how that effects things like selling Bitcoins to friends or LocalBitcoins... Are you now a broker under the law?

One thing that really annoys me is all the bureaucracy. I wish things were written out in more plain English, straight to the point so the average honest entrepreneurial person could do things without spending millions of dollars on lawyers, paperwork, bonds and licenses, etc. Seems like starting a exchange is getting harder and harder. Plus the internet is global - so instead of complying with federal law - if you want to serve the entire US there's 50 different rules to follow - however some are very similar. Then going international is another mess.

For example some exchanges ban people from New York, which the main regulator who made that law is now consulting! We need to really get rid of that revolving door and funds out of politics!