I have actually just started a bitcoin and alt coin exchange with my team (please check it out
www.crypto.st ) , and i will say that in the beginning the regulatory stuff did seem quite scary, but they aren't impossible, there are already many U.S. based bitcoin businesses following the laws and doing quite well I.E: bitinstant, but the future is still unknown and that definitely affects how we move forward, but we believe there is so much potential in the future of this technology i'd rather move forward now and adjust, then not take a chance.
I think in a few years we will see more regulation for sure, but not without a huge growth in the industry. Regulation will only come if bitcoins do become big and successful!