Well...not exactly:
§44801. Definitions
In this chapter, the following definitions apply:
(1) Actively tethered unmanned aircraft system.—The term "actively tethered unmanned aircraft system" means an unmanned aircraft system in which the unmanned aircraft component—
(A) weighs 55 pounds or less, including payload but not including the tether; -
Ok, we fit this one

(B) is physically attached to a ground station with a taut, appropriately load-rated tether that provides continuous power to the unmanned aircraft and is unlikely to be separated from the unmanned aircraft; -
This one too except for the power part. 
(C) is controlled and retrieved by such ground station through physical manipulation of the tether; -
sort of 
(D) is able to maintain safe flight control in the event of a power or flight control failure during flight; and - nothing fits this one.
Maintain safe flight after a control failure, seriously? 
(E) is programmed to initiate a controlled landing in the event of a tether separation. -
I guess "DUCK"---splat. might be called a controlled landing. 
This regulation needs to be posted right under the "Control Line Flying Only" signs at our site's entrances. We have a park policewoman who gives parking tickets if you are the only person there and a tire is touching a white line. She gave one to a subcompact backed into a space for "Overweight Vehicle parked the wrong direction". You will eventually win all of the confrontations, but your session will be ruined. Keep a copy of this in your flight box.

Ken