Very interesting that the shares he issued were purchased in bitcoin, and still the SEC decided to step in. How is this different than if you issue shares and sell them for an in game currency?
The SEC doesn't really care how the payment is carried out, if that's the only difference. The actual medium of exchange could be dollar bills, gold coins, euros, baseball cards, rare watches, gemstones, bitcoin, used books, etc. (Though some of those are treated differently for capital-gains purposes.)