Its the volatility that scares the SEC. I think jrcornel's description of "egg on their face" sums it up. That's why the US requires investors to be accredited. The SEC wants to be protected from bad investments and investment mistakes. Too many people cry wolf when they lose money so being accredited means that you are secure financially and can not only accept the losses financially but it also indicates you are a bit more sophisticated. While I am a big believer in the future of crypto I do think there are too many unsophisticated individuals in it that contribute to the roller coaster volatility we see. Hand out free coins from an airdrop, see that crypto drop like a rock. Hear the slightest negativity about a project see a major dip in price. Much of this is from actions of people who can't hold $100 longer than Friday.
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Well put. I agree.