Wall Street, however ridiculous it might be, jumps through the necessary legal loopholes that we, as a society, have deemed necessary to perform monetary transactions at scale.

Companies like MtGox and Liberty Reserve simply decided to skirt the envelope and paid the price. The answer is to register as a money transmitter; simple and plain. The difference is one conforms to the law and maximizes its potential whereas the other simply willfully ignores the law. The latter does not work whereas the former is tolerated as a matter of course.