I used to take this approach. And there is a part of me that really still does and still wants to. However, the older I become and the longer I've been in the crypto space, the more I realize just how gullible and stupid the vast majority of people are.
Without groups like the SEC, places like crypto and ICOs become amazing places for con artists to spin up their next idea.
You can make the claim that... "Well, they should have done their research and should have known better", and to that, this is where part of me agrees. However, back to my original point - people are just stupid and cannot think for themselves.
The SEC and regulation bodies set frameworks that people must follow in order to protect those that aren't smart enough, or even may be smart, but get conned. This can be a good thing.
Further, and I really want to underscore this point, the SEC adds serious legitimacy to crypto. With SEC approval, you will then see the next wave of early adopters begin to take note and invest.
While this will have some rough starts for a while, after the dust has settled, the outcome will be much better for the overall crypto community.
I take issue with your claim that somehow the SEC is buddy buddy with those on top and keeping the little man down. I don't see any justified evidence of this and would be happy to entertain any real evidence you have here.
If you're referring to the legal fees and the overall regulatory hurdles required for someone to get off the ground and running as the thesis for your claims, that's just uneducated. If someone cannot jump through these hurdles and put the pieces together, they're either, not serious enough, or not prepared enough for the endeavor. Regardless, that in and of itself, is not a mechanism to keep the little man down and elevate those on top. It's simply a protection mechanism.
Finally, I have a bit of a conflicting view on this subject, but the older I get and the more experience I've had, both in raising capital under the SEC rules and investing in crypto since 2013, I've learned that it's overall a good thing.