Ameer is correct. These sales do not want to be considered as Securities. You will realize that a number of entities that own or invest in CryptoCurrencies are based out of Singapore – this is because Singapore recognizes BitCoin etc. as ASSETS and NOT as securities, unlike other places. Thus, this asset does not get regulated. Addressing your question on the US – there is a limited # of investors who are permitted (<100), over which the securities regulations that apply are burdensome.