The $1933$ Securities Act differs from The $1934$ Securities Exchange Act in what way?

The $1933$ Securities Act and the $1934$ Securities Exchange Act both apply to the sales of shares from one shareholder to another using national exchanges.

The $1934$ Securities Exchange Act applies to the sale of securities by a corporation and the $1933$ Securities Act applies to the sales of securities among shareholders.

The $1933$ Securities Act applies to the sale of securities by a corporation and the $1934$ Act applies to the secondary sales of securities among shareholders.

Scienter is required for liability under the $1933$ Securities Act but not under the $1934$ Securities Exchange Act.