Comment by unyttigfjelltol

>If the US SEC were replaced by 50 per-state SEC

In the US, states perform a fallback-SEC role for certain investments. While state-level commitment to combatting fraud may also be questioned— looking at you Kansas— the existence of a backup system does provide a useful “now entering Oz” kind of warning.

[1] https://www.investopedia.com/terms/b/blueskylaws.asp