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its not a scope, and i see no reason why it wouldnt be legal... it is just a dot that you line up in teh center of a circle before using your pins to aim at the target...
I know a guy that uses one on his hunting setup. He loves it, but says that every once in awhile he runs into problems when snow or rain build up on it. I'm almost certain that it's legal to have on your bow for hunting.