Based on the verbiage, FundersClub is allowed to slide because "FundersClub and FC Management are advisers solely to venture capital funds", which has a very specific meaning that doesn't apply to crowdfunding.

It's pretty clear that WeFunder will need to be registered broker-dealers. I'm surprised they didn't do it already -- it's not a particularly expensive or time consuming process (and here in NY at least people set up BDs all the time because investment banks and most funds won't pay finder's or other fees to entities that aren't broker-dealers)