[yieldcrv]

appeal to authority. here are the missing parts of your argument:

1) accredited investor laws were not always wealth tests. they are wealth tests now for pretty embarrassing reasons: it was the only way a racist industry could be convinced to consider persons accredited more equally. Now, additional ways of accreditation are being experimented with, where certain degrees and exams automatically come with accreditation.

2) poor people are already able to blow their money on negative expected value financial games. It is pure happenstance that those see regulated at the state level while securities are regulated at the federal level, from the individual perspective this distinction is irrelevant: the things that are supposed to be responsible financial games are shut off for their protection, while the irresponsible ones are readily available.

3) this becomes more important because companies stopped doing IPOs at lower valuations. there are no Microsofts and Amazons to buy at $30mm and ride to $50bn. They just IPO at the $50bn valuation and dump shares on everyone that bought in at the top.