One cannot assume, of course, that Congress would have been satisfied with a disclosure statute if it had not also preserved the state blue sky laws, most of which went further. This is something that is apt to be overlooked when suggestions are made today that Congress should preempt the field. In any event, the theory is that one is free to sell shares in a “hole in the ground” as long as he does not represent it to be a gold mine.
怎么翻译呢?