Definition ∞ The Securities Act of 1933 is a United States federal law regulating the initial public offering of securities. This legislation requires that securities offered for sale to the public be registered with the Securities and Exchange Commission (SEC) unless an exemption applies. Its primary purpose is to ensure that investors receive accurate and complete information about securities being offered, thereby preventing fraud and promoting market integrity. The Act establishes the foundational principles of modern securities regulation.
Context ∞ The Securities Act of 1933 is a cornerstone of regulatory discussions in the digital asset space, particularly concerning the classification of tokens as securities at their issuance. A key debate involves how the Act’s provisions, designed for traditional financial instruments, apply to decentralized digital assets. Future regulatory guidance will likely address specific frameworks for initial token offerings to ensure compliance and investor protection.
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