The document discusses the history of securities regulation and the deregulation trend represented by the JOBS Act. It examines the definition of what constitutes a security, how securities regulation has evolved since the Dutch East India Company first issued stocks in the 1600s, and how certain private offerings known as Regulation D offerings allow companies to raise funds from accredited investors. While deregulation aims to promote financial inclusion and democratic access, concerns around fraud and protecting the public remain paramount. The conclusion emphasizes the need to build trust among individuals to support new capital raising models going forward.