Coinbase is in the USA, which makes it fall under the SEC, but Gemini (which all of /r/bitcoin is apparently moving to) isn't -- it's in Canada and the UK.

That's what makes regulating bitcoin hard. It soon becomes a diplomatic problem.

And there's nothing that these agencies can do to stop the actual wallet-to-wallet transfer short of nuking all miners or knee-capping and getting your private key. So even if you were found guilty, you could conceivably flee the country along with a ton of currency.

Regulation is meaningless without the actual threat of enforcement. It means all exchanges can pick up and move to more friendly countries.