[cloudjacker]

That is an interesting thing to say, so because the DAO acts as one entity, one could easily rely on a Reg S + Reg D exemption to get around pesky US laws. Reg S because the dao would be a foreign entity, and Reg D because it would be a private placement with only one investor.

So no disclosure laws necessary!

And honestly nobody in the international community cares about other country's securities laws. You can copy and paste some small exemption text from bank's private placements, so something for the UK, Hong Kong, Japan to make it also exempt.

The DAO itself relies on sanctioning from Switzerland just like Ethereum, so I'd say all the bases are covered, until it gets challenged.

But individual liability for all parties is pretty mitigated from the threat of securities regulators.