The statement that the detailed regulation of security exchanges and transactions conducted thereon which is embodied in the Securities Exchange Act of 1934 and the Securities Act of 1933 and the regulations promulgated by the Securities and Exchange Commission thereunder constitutes an encouragement to gambling in securities, no doubt quite properly places a heavy burden of proof on the person making it. This article has as its purpose a demonstration of the truth of such statement.
Walter H. Moses,
Federal Regulation and State Gambling Laws,
1 Vanderbilt Law Review
Available at: https://scholarship.law.vanderbilt.edu/vlr/vol1/iss4/6