Legal Concerns to be Addressed

Tomorrow I will be meeting with two securities law professionals. My questions will fall into two general categories:

1.The legal parameters around a crowd funded investment platform. Specifically, what are the legal constraints of pooling funds, investing them in a single equity, and having the group members actively manage the investment through a democratic voting system?

2. The legality of purchasing real-world goods and services with a virtual currency. Specifically,would it be legal to spend real money in a stock market simulator game, purchasing and investing with a virtual "play-money" currency, but then using this play-money to purchase real goods and services?