You can see graphics on the 3DS screen, right?
I know I can.
Therefore it can be cracked, somehow. Not saying it'll be easy but it's not impossible.
There isn't an encryption on earth that can't be cracked, unless it doesn't run but that would make whatever is encrypted useless.
I think maybe the CycloDS iEvolution might be able to do it, given a big enough SD Card for fitting 3DS ROMs. I know DS mode and 3DS mode are two different things but the CycloDS iEvo comes blank -- it's like they're writing a blank check to us. The CycloDS iEvo is not keyed into any specific mode, you program it yourself, infact everything on the iEvo is not stored on the iEvo cart, which is why it's able to support switching DS to DSi mode (and vv). All it would need would be:
1) A 3DS ROM Dump, which has been done on EEPROM 1001 chips by the NeoFlash team, but we're waiting on the common versions.
2) A exploit in the ROM, which probably won't happen since ninty has seen how just a tinsy TINY bug can lead to the whole system being hacked (Wii + DSi) but nevertheless it is possible ninty will miss something, we're all human.
But those are just my thoughts. Giving my $0.02 on it.
CP