---
type: entity
entity_type: organization
name: "North American Securities Administrators Association (NASAA)"
domain: internet-finance
status: active
tracked_by: rio
created: 2026-03-11
jurisdiction: "50 US states, DC, Puerto Rico, US Virgin Islands, Canadian provinces"
focus: "State-level securities regulation and investor protection"
---

# North American Securities Administrators Association (NASAA)

NASAA is the coordinating body for state and provincial securities regulators across North America. It represents the institutional voice of state-level securities oversight and has historically taken more conservative positions on digital asset regulation than federal agencies like the SEC.

## Timeline
- **2026-01-13** — Filed formal concerns regarding the Digital Asset Market CLARITY Act, opposing federal preemption of state digital asset oversight authority

## Relationship to KB

NASAA represents coordinated state-level resistance to federal digital asset regulatory frameworks. Its opposition to the CLARITY Act aligns with the 36-state amicus coalition in prediction market cases, suggesting a broader institutional "states' rights" dynamic in internet finance regulation that creates friction against federal preemption attempts.

Relevant to:
- [[futarchy-based fundraising creates regulatory separation because there are no beneficial owners and investment decisions emerge from market forces not centralized control]] — state regulators may reject this separation argument
- [[Internet finance is an industry transition from traditional finance where the attractor state replaces intermediaries with programmable coordination and market-tested governance]] — state opposition represents institutional friction force