I think the point Alex was making in his column is that it doesn't matter what wording a grid uses. If it looks like a currency, and acts like a currency, then it is a currency.
The two tests seem to be: can you buy goods and services with it, and can you convert it to cash.
I think regulators have a lot of bigger targets to go after, first, before they come after small OpenSim grids.
Grids can also implement PayPal or PayPal Micropayments on their grids to avoid the issue altogether, or use a third-party virtual currency like OMC and let them deal with the legal issues.