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Although there are some legal issues brought about by helium balloon releases, it is my understanding that they do not directly apply to small scale launches similar to those we have undertaken.  The FAA restricts the size of the balloon, the weight of the payload, and the maximum number of balloons launched in one hour.  Our launches fall well below the maximums established by law.  
 
There are also environmental concerns with helium balloon releases.  The silvery mylar type balloons are definitely a problem in that the decomposition rate is extremely slow, but research has shown that the impact of latex balloons is negligible.  Latex is a natural substance derived from tree sap and decomposes fairly quickly when exposed to sunlight, water, and soil.  It is my opinion that launching a few latex helium balloons has a negligible impact on the environment, and believe me, there are at least five-hundred other MAJOR environmental issues that we should be worrying about instead. 
 
There are several excellent studies on this subject available on the internet. Here are some links for those interested in this subject:

 
 
 
Interesting study on environmental concerns:
 
 
This is a good site with more information: