He explained that the online gaming company uses Bitcoin, a digital currency, to conduct transactions and further argued that as far as he’s aware, his operation cannot be considered illegal because there are no laws, in the US or elsewhere, governing the use of this new electronic currency.

Indeed very flawed rationalizing logic. The law may come after him for making these types of statements just to have a case showing on the books that bitcoins cannot be used as a form of circumvention. People trying to evade laws would be charged with the Micon swc bitcoin statute.