e$: Cypherpunks Sell Concepts

There are two legal problems that I could see being used against digital cash. The first is the civil war era prohibition on banks issuing private bank notes.

It seems to me that one could just as easily treat digicash as securities denominated in dollars, [etc.] It didn't occur to me before, but you could also have 'nonbank notes'. If the issuer isn't a bank, does the regulation still apply? Eric