Correct we won't list on the smaller exchange, we will be too large. I googled and read the MS Act bill, it didn't take too long and it appears the max size is 2 billion dollar market cap. So if the DE is willing to launch the larger exchange first, I don't think we need any legislation. If I remember right there was no mention of the larger exchange in the MS Act.

My guess the larger exchange is simply going to follow the Securities Exchange Act of 1934 as all the other exchanges have done. A good argument can be made for having two launch dates, logistics and they get two big press events.