I do not think that any of these securities are registered properly with the SEC (correct me if I am wrong, this is just an assumption). If this is the case and the SEC is aware of this AND they thought that these were real securities that they had to control then they would have already shut the whole thing down (including Bitfunder).
They took their merry time stopping/investigating Pirate, even though that case was way simpler. A US guy running an obvious ponzi. It doesnt get any more clear cut than that. Yet it took the SEC a year before they pressed charges.
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1) The SEC do not know about it
Unthinkable.
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2) The SEC do not care since they do not think that these are real securities that they have anything to do with (if I go to the local farmers market and start selling pieces of paper claiming they are securities, it is more like a simple police case than a SEC case).
If those papers promise you a future profit or profit sharing agreement, and these papers can be traded, its a security all right and SEC territory.
It may be possible the SEC doesnt think its worth making a case over this yet, if they think its too small and no real damage is being done. Thats why they may limit themselves to telling Burnside & Co to just stop doing what they are doing. But it would surprise me they wouldnt take the opportunity to make an example of this.
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But the SEC does not have any better chance of doing anything about people hiding is some remote corner of the globe.
You dont really believe that, do you?
