Earlier quoted context omitted.
To me that reads less as "this is legal" and more as "this is illegal, but we (the executive branch of the government) will be nice and not go after you for it as long as we think you're a good guy". That's (arguably) better than nothing, but not exactly an ideal way to structure our justice system in my opinion.
Yes, but I don't see a better solution. If we make "security research" legal, then any hacker can just say "oh I was just going to disclose my findings to them".
What should happen is the addition of a "reasonable" standard and using existing case law policy positions to not prosecute people who have a reasonable basis supporting their claim of security research.
Instead we'll be left with the lazy lawmakers doing nothing and the executive saying they'll prosecute only the people who "deserve" it.