It's definitely an enterprise of some sort, and hence probably qualifies for many kinds of checks and laws. For good or ill, a common pattern is (1) someone ju

It's definitely an enterprise of some sort, and hence probably qualifies for many kinds of checks and laws. For good or ill, a common pattern is (1) someone just does it. (2) it attracts regulatory oversight/action/whatnot (3) regulation becomes actually functional.(3.5) the incumbent now has advantage. PayPal, Uber, etc. What's the alternative? Ban it? Create a framework regulating something that does not exist? All that said, crypto-ish ownership of a sports team isn't a bad idea.