According to the USA, it is unlawful for a person to offer to sell a security in a state unless:

By Investopedia AAA
A:

a. the security is registered with Federal Reserve.
b. it is a federal covered security, is exempted from registration, or is legitimately registered under the USA.

c. it is not a federal covered security, and is not exempted from registration.

d. it is part of an offering from a foreign government.

Answer: B

According to the USA it is "unlawful for a person to offer or sell a security" in a state unless:
• "the security is a federal covered security;"
• "The security, transaction, or offer is exempted from registration."
• "The security is registered under" the USA.





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