I'd rather not argue the effectiveness of the conservation program, but, nobody said anything about re-stocking fish. In fact, I've said numerous times that nobody wants to do that, and that is not what conservation is all about. The program involves educating the local people where the fish are still found in the wild and supporting them through supplying education to their community and financial support. Conservation also involves study, which is another big part of this project. The behavior, specifically breeding behaviour is still fairly unknown, and the current research being carried out is still considered conservation.
As far as increasing smuggling, I dissagree. Like I said, shipments of fish will still require a CITES permit and paperwork, an ESA permit and paperwork, and some sort of certificate from CI indicating the fees have been paid.
I don't know about the stingray breeding programs or laws, but I would question whether rays are bred to the extent that aros are. Also, a lot of countries don't have as strict laws about import or as good border patrol for importing animals as the US.
I'll continue to point to Canada as proof (I realize their demand for tropical fish isn't as strong as the USA's) that opening another country for Asian arowana import doesn't create a huge decline in the availability of the fish. Also, as I said earlier, the breeding is currently producing a surplus of fish. Prices keep falling in Asia.