I don't think centralization is a good idea.
The cryptocurrency grave yard is littered with centralized schemes. Make no mistake that there is enough pressure already IMO on I3 to be indicted for securities violations, whether that is the case will be up to a court to decide. You have taken steps to stop the regulators from stopping your work, but they can arrest you and accuse you at any time. They know they have a better than 80% chance to get a conviction at trial, just because of the psychology of an authority saying you did something wrong. I can deal with that element of centralization, but just barely.
I think that any trustee that reveals their identity and lives in a country with strong financial regulations, such as the US, will go to jail for operating with out a license, selling securities with out a license, conspiracy to commit security fraud, money transmission without a licence, running a money services business without a license, the litany of charges will go on forever in some cases.
This will basically only leave trustees in countries where regulations are lax to operate the trustee scheme. This type of system will ensure that wall street and most of main street will not participate. This is bad for my and others' investment in PTS,AGS, and BTS. I will not participate in such a scheme, I believe the only reason that Bitcoin is any different than any prior is because of the blockchain decentralization invention. You are literally taking the greatest invention of the century and throwing it out the window for centralized control. Make no mistake you are taking a step backward.
If you are serious about this thing you have created, you would spend the time to do it right. Satoshi took years crafting his system, you can't take a few extra months?
This is something which could happen but how likely is it to happen? Bitshares aren't securities anymore than objects in WoW are securities. That isn't to say there wont be regulation, but if they were to target that it would be seen as petty. It's similar to gambling sites.
From wiki:
A security is a tradable asset of any kind.[1] Securities are broadly categorized into:
debt securities (such as banknotes, bonds and debentures),
equity securities, e.g., common stocks; and,
derivative contracts, such as forwards, futures, options and swaps.
The company or other entity issuing the security is called the issuer.
Your selling a derivative, your calling it bitUSD, bitEUR, bitBTC, it's a security to the SEC. The SEC will try to enforce this, they have no desire to see this project come to pass. The more decentralized the better. It is in the best interest of the project to consider the issue. The only reason that the SEC has not cracked down on Bitcoin is because it stands by it self in a category not classified here as it is completely decentralized. Even then I'm sure they will try to say now it is a security.
Bitshares on the other hand, is using "marketing terms" such as the word "shares" and "Exchange" which imply a security, its trading consists of elements directly in conflict with the above definition, that being debt security in the form of bitUSD and it sells derivative contracts on those debt securities.
The best way to deal with the SEC is to assume they will take the least favorable side you can imagine. They often do.