it is legal to own. it is legal to sell in one ounce amounts per sale(may require a permit). it is not legal to buy more than one ounce without a permit.
i would say it is legal to give to anyone in any amount and legal for them to own it. ownership has never been forbidden. i can legally own a 50 gallon drum of it, but now that the restrictions are in place i cant legally buy it without a permit.
my personal opinion is that all of it is nonsense.