The Securities Exchange Act of 1934 is the US federal law that governs secondary trading of securities and created the Securities and Exchange Commission. It establishes registration, disclosure, and anti-fraud requirements for exchanges, brokers, and listed companies. It is a foundational reference for determining how digital assets and investment products are regulated in the United States.
Content
- The Act mandates ongoing disclosure by issuers, regulates exchanges and intermediaries, and prohibits market manipulation and insider trading. For crypto, its definitions and the related Howey analysis determine whether a token or fund constitutes a regulated security, shaping listing and compliance obligations.