The article I read had a line in it that they were considering regulating miners also, not just exchanges or gateways to FIAT.
![Angry](https://bitcointalk.org/Smileys/default/angry.gif)
SOME regulation of exchanges might be good and lend legitimacy to the cryptocurrenncies. Things like deposit insurance or minimum levels of capitalization so runs don't crash the exchange. That would also take some volatility out of the market and make it more attractive to merchants. The bad result could be if they try to treat BTCs like FIAT with regulations like 'know your customer' that go against the grain of the peer-to-peer architecture. THAT could take a serious bite out the attractiveness of BTCs and all cryptocurrencies and will force everyone offshore. But even then FACTA laws in place today would restrict exchange operators desriing anonymity to third world locales.