No. See, Hall v. Geiger-Jones Co.[1] (supposedly the origin of the term “Blue Sky laws”) finding the state law constitutional under the state’s power to police fraud and not invalid as a burden on interstate commerce. There have also been several federal laws (enacted after that case was decided) prescribing how states may go about regulating securities so we can conclude that Congress intends for the states to have the power to regulate their securities markets.
