One solution could be to have it outside of US jurisdiction to evade all those regulatory problems.
I get it that steemit is a US company, lots of the crypto and blockchain stuff comes from the US, but the real world changing potential of steemit and Steem lies outside of the US, bringing banking to the unbanked masses of developing countries, where people have smartphones but no bank accounts to even transfer fiat to an exchange which lets them change it into crypto.
Instead they are trading cell phone minutes.
So if this exchange is outside of US jurisdiction the US government will probably make it illegal for US citizens to participate but global mass adaption means most of the users will be outside of the US anyway.
So steemit could get an .is domain, Iceland is big on protecting internet freedom of speech and .com domains could be shut down, and the servers could be in Iceland too, because they might be more protected there and electrical energy is cheap and eco.
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Good points made, but there are a shitton of legal issues in other countries around the world, too. This is why the current exchanges are only open to a small number of countries. It is impossible to make it fit every jurisdiction in the world. Some problems include taxation, money laundering and money transmission... and this is not even the tip of the iceberg. It is like blocktrades said... If it was that easy, we would already have hundreds of those exchanges in the cryptospace.
Yes those regulations! So we need to find the best possible jurisdiction, or to work around the whole official exchange thing by creating something on peer to peer base and somehow solving the trust issue.
The solution for this is easy: SteemHalo. David Zimbeck years ago created BlackHalo and BitHalo. Take a look at it... it solves the trust issue!