A state Administrator adopts a rule that directly conflicts with a provision of the Securities Act of 1933. Which of the following is TRUE?

1. AThe state rule prevails because state securities laws always supersede federal laws
2. BThe Administrator's rule is invalid because state rules may not conflict with applicable federal law✓ Correct answer
3. CBoth rules apply simultaneously and registrants must comply with both
4. DThe conflicting rule is valid until challenged in federal court

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