Regulation of U.S.financial markets is primarily a function of the federal government; states do not regulate them in any way.

Regulation

The establishment and enforcement of rules and standards by an authority, often government, to regulate activities within a specific domain.

U.S. Financial Markets

The marketplace in the United States for trading financial instruments like stocks, bonds, foreign exchange, and derivatives.

Federal Government

The Federal Government is the national government of a federation, responsible for governing a country according to its laws and regulations, distinct from state or local governments.