I used to work at the Federal Trade Commission, so I'm quite familiar with this particular legal issue. What Coin is doing violates neither the spirit nor the letter of the Mail Order Rule.
The law states that orders must be shipped within the time stated by the company, and there is a default of 30 days if no other shipping estimate is given. In this case, Coin clearly and conspicuously states that they will ship in the Summer of 2014.
If they fail to ship by that time, they are required to offer purchasers a refund. However, the law clearly states that the company can set their shipping timeline, so long as they make the company aware of it.