[thephyber]

This regulation isn’t designed to protect you from yourself (eg addictive behaviors) or “investments” that are obviously bad for even those without a high school education.

It’s designed to provide some minimal protection against sophisticated fraudsters (eg Bernie Madoff).

SEC doesn’t govern lotto/gambling within states; that happens at a state level, just like alcohol and tobacco.

I agree that the USA tends to have an incoherent stance on age of responsibility versus freedoms, but that’s largely because the federated government system and different states have different ideas about how much freedom/responsibilities their people should have.

[rolltiide]

This outcome is ridiculous and has no place in American society. It was more tolerable when high growth companies IPO’d at $30mm market caps but that world doesn't exist, serving to put a spotlight on these regulations separating the primary economic growth engine’s opportunities to just the already wealthy.