Yep, its a minefield (of course like most things, these regs exist to protect special interest).

I'm sure there is some bright attorney who could figure a way around it (ie. its an unsecured loan, that contains a very permissible default clause, which is potentially convertible to an equity share upon event a, b, c happening). Or more simply, just host the site in Hong Kong or somewhere and escape US jurisdiction.

I know that none of this will never happen, just talking out loud....honestly, the first time I heard about Kickstarter, I thought this was the idea and I was excited. Then I discovered it was "act like a angel investor, fund my idea, and if 1000 things go right you will get a free tshirt". Meh.