Entrepreneurship may entail innovation and disruption, but ideas need businesses to effectuate them, and businesses require financing. Financing inevitably entails regulation – securities regulation. Securities law has never been static, but it has evolved rapidly and in a complex dynamic between Congress and the Securities and Exchange Commission (SEC). These two bodies create the rules of the road for entrepreneurs who grapple with the challenges of raising capital. Entrepreneurs being entrepreneurial, they naturally will seek to disrupt the regulatory status quo. What should Ms. Entrepreneur seek when she goes to Washington? History makes clear that as important as getting legislation passed is knowing the optimal shape of that legislation. In this chapter I’ll use the history of financial regulation to articulate the distinction between legislation that dictates and legislation that delegates – and explain why the former is more attractive to the entrepreneur than the latter.