<p><img src="https://images.cointelegraph.com/cdn-cgi/image/format=auto,onerror=redirect,quality=90,width=840/https://s3.cointelegraph.com/uploads/2023-05/12c16b38-6da7-4be0-9577-9ee9415a1076.jpg"></p><p>Federal securities laws only apply in the United States, but the protocols were developed overseas, argues Terraform Labs. </p>