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It seems unlikely that it would be that easy. If it were, you'd see lots of unregulated stock markets out there in the wild (which, to my knowledge, is not the case).

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Yes but there are many many markets out there which don't have any sort of regulation. The SEC's main quarrel right now appears to be that they believe investors might come to an exchange and invest believing they are as safe.

Which markets are those? Besides black markets

Well for one any sort of auction/market like ebay, flee market, high end auctioneers, the like. They are trading precious metals/jewelry, other objects in which the buyer hopes to profit at some later point in the future. No one is out there buying XYZ widget in the hopes of burning their savings.

No one is buying an ultra rare watch for $10 million in hopes that one day it will be worth less.

Those aren't securities, though, because their value doesn't depend on the efforts of the seller, which is one of the prongs of the Howey test.

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