The problem with the Blue Sky Laws was that they were each state done separately and it was hard for states to manage what were, basically, national businesses.

蓝天法的问题在于,各州的法律都是分开制定的,由各州政府去处理,然而全国性的问题却无从解决

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There are different theories about why they call them Blue Sky Laws.

至于为什么把它叫做蓝天法,有很多不同的说法

耶鲁公开课 - 金融市场课程节选

So the Blue Sky Laws were basically coming in the teens.

所以蓝天法仅上世纪初被广泛使用

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