You could not sell a security without giving a prospectus to the potential buyers and the prospectus would be something approved by the SEC.

没有招股说明书就不可以,出售证券给潜在买家,而且招股书需要通过证交会审核

耶鲁公开课 - 金融市场课程节选

There has been, over the years a lot of turf battles between the SEC and the CFTC because it's sometimes unclear whether something is a security or a futures.

历年来,证券交易委员会和期货交易委员会的领域战争层出不穷,因为有时候很难说,一个东西究竟是证券还是期货。

耶鲁公开课 - 金融市场课程节选