source:
  type: regulation
  id: securities-act-15usc
  authority: Securities Act of 1933 — registration requirement (§5 / 15 U.S.C. §77e) and definition of
    'security' (§2(a)(1) / 15 U.S.C. §77b)
  description: 'The federal securities-law backbone behind every crypto securities case (Howey, Ripple,
    Coinbase, Telegram, LBRY, Terraform): §5 makes it unlawful to offer or sell a security without a registration
    statement in effect (absent an exemption), and §2(a)(1) defines ''security'' to include an ''investment
    contract'' — the Howey hook for digital assets.'
obligations:
- id: securities-act-15usc-a
  canonical_id: securities-act-15usc-a
  section: 15 U.S.C. §77e(a)
  description: '(a): (a) Sale or delivery after sale of unregistered securities Unless a registration
    statement is in effect as to a security, it shall be unlawful for any person, directly or indirectly—
    (1) to make use of any means or instruments of transportation or communication in interstate commerce
    or of the mails…'
  type: dont
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 15 U.S.C. §77e — Securities Act of 1933 §5 (prohibitions on unregistered securities)
    source_class: securities-act-statute
    source_url: https://www.law.cornell.edu/uscode/text/15/77e
    snapshot_id: 8517c3173a77dc08
    fetched_at: '2026-06-04T21:28:08Z'
    content_hash: sha256:07674cf8a907a1a2935a9192c72e429b544fb163dc513f7c35fadb4190ee0f16
    paragraph_quote: (a) Sale or delivery after sale of unregistered securities Unless a registration
      statement is in effect as to a security, it shall be unlawful for any person, directly or indirectly—
      (1) to make use of any means or instruments of transportation or communication in interstate commerce
      or of the mails to sell such security through the use or medium of any prospectus or otherwise;
      or (2) to carry or cause to be carried through the mails or in interstate commerce , by any means
      or instruments of transportation, any such security for the purpose of sale or for delivery after
      sale.
    drafter_attestation: Verbatim subsection of 15 U.S.C. §77e from Cornell LII snapshot 8517c3173a77dc08;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: securities-act-15usc-b
  canonical_id: securities-act-15usc-b
  section: 15 U.S.C. §77e(b)
  description: '(b): (b) Necessity of prospectus meeting requirements of section 77j of this title It
    shall be unlawful for any person, directly or indirectly— (1) to make use of any means or instruments
    of transportation or communication in interstate commerce or of the mails to carry or transmit any
    prospectus relatin…'
  type: dont
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 15 U.S.C. §77e — Securities Act of 1933 §5 (prohibitions on unregistered securities)
    source_class: securities-act-statute
    source_url: https://www.law.cornell.edu/uscode/text/15/77e
    snapshot_id: 8517c3173a77dc08
    fetched_at: '2026-06-04T21:28:08Z'
    content_hash: sha256:07674cf8a907a1a2935a9192c72e429b544fb163dc513f7c35fadb4190ee0f16
    paragraph_quote: (b) Necessity of prospectus meeting requirements of section 77j of this title It
      shall be unlawful for any person, directly or indirectly— (1) to make use of any means or instruments
      of transportation or communication in interstate commerce or of the mails to carry or transmit any
      prospectus relating to any security with respect to which a registration statement has been filed
      under this subchapter, unless such prospectus meets the requirements of section 77j of this title
      ; or (2) to carry or cause to be carried through the mails or in interstate commerce any such security
      for the purpose of sale or for delivery after sale, unless accompanied or preceded by a prospectus
      that meets the requirements of subsection (a) of section 77j of this title .
    drafter_attestation: Verbatim subsection of 15 U.S.C. §77e from Cornell LII snapshot 8517c3173a77dc08;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: securities-act-15usc-c
  canonical_id: securities-act-15usc-c
  section: 15 U.S.C. §77e(c)
  description: '(c): (c) Necessity of filing registration statement It shall be unlawful for any person,
    directly or indirectly, to make use of any means or instruments of transportation or communication
    in interstate commerce or of the mails to offer to sell or offer to buy through the use or medium
    of any prospectus o…'
  type: dont
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 15 U.S.C. §77e — Securities Act of 1933 §5 (prohibitions on unregistered securities)
    source_class: securities-act-statute
    source_url: https://www.law.cornell.edu/uscode/text/15/77e
    snapshot_id: 8517c3173a77dc08
    fetched_at: '2026-06-04T21:28:08Z'
    content_hash: sha256:07674cf8a907a1a2935a9192c72e429b544fb163dc513f7c35fadb4190ee0f16
    paragraph_quote: (c) Necessity of filing registration statement It shall be unlawful for any person,
      directly or indirectly, to make use of any means or instruments of transportation or communication
      in interstate commerce or of the mails to offer to sell or offer to buy through the use or medium
      of any prospectus or otherwise any security, unless a registration statement has been filed as to
      such security, or while the registration statement is the subject of a refusal order or stop order
      or (prior to the effective date of the registration statement ) any public proceeding or examination
      under section 77h of this title .
    drafter_attestation: Verbatim subsection of 15 U.S.C. §77e from Cornell LII snapshot 8517c3173a77dc08;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: securities-act-15usc-d
  canonical_id: securities-act-15usc-d
  section: 15 U.S.C. §77e(d)
  description: '(d): (d) Limitation Notwithstanding any other provision of this section, an emerging growth
    company or any person authorized to act on behalf of an emerging growth company may engage in oral
    or written communications with potential investors that are qualified institutional buyers or institutions
    that ar…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 15 U.S.C. §77e — Securities Act of 1933 §5 (prohibitions on unregistered securities)
    source_class: securities-act-statute
    source_url: https://www.law.cornell.edu/uscode/text/15/77e
    snapshot_id: 8517c3173a77dc08
    fetched_at: '2026-06-04T21:28:08Z'
    content_hash: sha256:07674cf8a907a1a2935a9192c72e429b544fb163dc513f7c35fadb4190ee0f16
    paragraph_quote: (d) Limitation Notwithstanding any other provision of this section, an emerging growth
      company or any person authorized to act on behalf of an emerging growth company may engage in oral
      or written communications with potential investors that are qualified institutional buyers or institutions
      that are accredited investors, as such terms are respectively defined in section 230.144A and section
      230.501(a) of title 17, Code of Federal Regulations, or any successor thereto, to determine whether
      such investors might have an interest in a contemplated securities offering, either prior to or
      following the date of filing of a registration statement with respect to such securities with the
      Commission, subject to the requirement of subsection (b)(2).
    drafter_attestation: Verbatim subsection of 15 U.S.C. §77e from Cornell LII snapshot 8517c3173a77dc08;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: securities-act-15usc-e
  canonical_id: securities-act-15usc-e
  section: 15 U.S.C. §77e(e)
  description: '(e): (e) Security-based swaps Notwithstanding the provisions of section 77c or 77d of
    this title, unless a registration statement meeting the requirements of section 77j(a) of this title
    is in effect as to a security-based swap, it shall be unlawful for any person, directly or indirectly,
    to make use of …'
  type: dont
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 15 U.S.C. §77e — Securities Act of 1933 §5 (prohibitions on unregistered securities)
    source_class: securities-act-statute
    source_url: https://www.law.cornell.edu/uscode/text/15/77e
    snapshot_id: 8517c3173a77dc08
    fetched_at: '2026-06-04T21:28:08Z'
    content_hash: sha256:07674cf8a907a1a2935a9192c72e429b544fb163dc513f7c35fadb4190ee0f16
    paragraph_quote: (e) Security-based swaps Notwithstanding the provisions of section 77c or 77d of
      this title, unless a registration statement meeting the requirements of section 77j(a) of this title
      is in effect as to a security-based swap, it shall be unlawful for any person, directly or indirectly,
      to make use of any means or instruments of transportation or communication in interstate commerce
      or of the mails to offer to sell, offer to buy or purchase or sell a security-based swap to any
      person who is not an eligible contract participant as defined in section 1a(18) of title 7 . (May
      27, 1933, ch. 38, title I, § 5, 48 Stat. 77 ; June 6, 1934, ch. 404, title II, § 204, 48 Stat. 906
      ; Aug. 10, 1954, ch. 667, title I, § 7, 68 Stat. 684 ; Pub. L. 111–203, title VII, § 768(b) , July
      21, 2010 , 124 Stat. 1801 ; Pub. L. 112–106, title I, § 105(c) , Apr. 5, 2012 , 126 Stat. 311 .)
    drafter_attestation: Verbatim subsection of 15 U.S.C. §77e from Cornell LII snapshot 8517c3173a77dc08;
      body isolated between nav and notes; substring-verified.
  judgment: false
