why assert such an unfounded claim? EU does not have to live with the regulations of the countries the players live in. the players have to live with the regulations the the country they live in.
points 1 and 2 you make might be valid if real securities where being offered, however fictional companies with fictional prices in a stock market simulator do not come under SEC regulations.
if you want to claim the US rules cyberspace, you might find some evidence to back that. you might also find some against - look up the Antigua vs US in a WTO dispute (gambling so very relevant).
How about this?
1. BetOnSports.com - UK company (online betting legal there) with servers in Costa Rica (don't know if legal or not). CEO arrested when changing planes in Houston(?). Sentenced to 4 years for not excluding U.S. citizens.
http://usatoday30.usatoday.com/tech/news/2009-11-03-betonsports-founder-prison_N.htm
2. Liberty Reserve - Very recently indicted in the U.S. and the founder extradited to the U.S. Run in Costa Rica by former U.S. citizen married to a Costa Rican woman. No physical offices in the U.S.
http://en.wikipedia.org/wiki/Liberty_Reserve
3. Perfect Money - Panamanian alternative payment processor recently took proactive steps to exclude Americans.
http://krebsonsecurity.com/tag/perfect-money/
Perhaps the closest competitor to Liberty Reserve and WebMoney — a Panamanian e-currency known as Perfect Money (or just “PM” to many) — appears to have been busy over the past few days seizing and closing accounts of some of its more active users, according to the dozens of complaints I saw on several different crime forums. Perfect Money also announced on Saturday, May 25 that it would no longer accept new account registrations from U.S. citizens or companies.
In the U.S., the states regulate securities so you have to be registered in every state you want to sell a security in. MA specifically excluded Americans from their announced IPO in 2007(?). I can't find the reference ATM.
What I am saying in regards to the OP is if EU wants to have American players, it can't offer "shares" to Americans, either in stock market terminals or via an IPO. Personally, I don't believe CLDs are any different so we'll just have to see in that regard. Technically, BIG Industries and those who pool their funds for large purchases such as MSs may fall under the investment club exclusion to securities regulations, I don't know.
I know that Antigua lodged a complaint against the U.S. in the WTO but do you really expect the U.S. to comply if a there's a ruling against it? Until very recently, all online gambling in the U.S. has been illegal. I think Delaware or New Jersey just legalized it but it technically is still illegal under U.S. law. Same with marijuana. Legal in Washington and Colorado, illegal under federal law.
MA was well aware that online gambling was illegal in the U.S. when they testified before congress. So, in my view, there has to be a skill component to EU if they choose to keep offering it to Americans.
It will obviously get sorted out as virtual worlds become more popular. The old laws still apply until the courts rule.
