[gjem97]

There is no requirement that regulators avoid catch-22 like situations. It would be unsurprising if the SEC had responded in such a situation with "Yes, they are likely securities, but no we don't care to elaborate, and we can't undertake approving your exchange because of (insert plausible but kinda lame reason here)."

You have very little in the way of recourse.

However if they determine that you're illegally selling those securities, you better believe that they can and will come after you, in the name of protecting the little guy.