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As the old joke goes, the food here is terrible, and the servings are too small. In this case, IMHO, LL came up with a stupid response way to late. I go into details in The Future of the Second Life Economy.

My biggest problems are the apparent inconsistency. I've been told, third hand, that companies that offer dividends in the stock exchanges will be considered in violation, but companies that offer loans, and collect interest on the loans, will not be considered in violation. They expect SL Banks to be registered with appropriate agencies, yet the currency being traded, according to the TOS is 'a limited license right', which I don't think most banking commissions deal with. Nor does it address jurisdictional issues. Can the Nigerian Banking Commission vet banks in SL? How about the trading commissions for tax havens?

No, I believe that LL has come up with a bad approach, way too late.