Just last month, North Carolina's House of Representatives approved a bill calling for specific digital currency regulation. Similarly to California's bill, House Bill 289 is currently undergoing review in North Carolina's Senate.
It says that the companies will be regulated as if they're banks. I'm not sure what that entails. $5000k is not that big of a barrier to entry, but when you have to pay that in 50 states... Now we're talking a quarter of a million. Add in the legal fees associated with a state by state registration and you're closer to $1m.