The paternalistic claim by regulators is that the accreditation rule protects the most economically vulnerable from fraud. Those with financial certifications and licenses, or those of greater financial means, only have human nature to blame when they make the same mistakes investing as someone without the hundreds of hours of indoctrination.

Cryptocurrency is the first modern wave of unaccredited wealth generation that is beyond regulatory control. Many people were fleeced by alt coins and get rich quick schemes. Academics have more than enough examples to draw conclusions from and use to advise policymakers, if they were so inclined to. Poor rubes didn't bet everything they had on crypto, although there undoubtedly is anecdotal evidence of some doing so. Losses were actually quite within the band of acceptance. Homes weren't lost. Family fortunes weren't wiped out.