I don't care about what the issuers do and I am completely fine with high buyins to filter people out. I want the government out of it completely, but a special purpose accreditation test is fine as I only have issue with the wealth tests and the tests that require a sponsor. (even the series 65 test requires "good standing" as the article mentioned, which is more than just passing the test recently).

People don't need permission to fail financially, they can walk over to any casino and do that. It is merely happenstance that its two different governments regulating casinos (state) versus these particular capital formation rules (federal). But the user experience for the individual doesn't factor that in, and there shouldn't be a discrepancy at all. The argument in favor of "protecting people that actually need their money by deputizing everyone else" is so thin and weak. As we know, these kinds of "deputize everyone else" regulations only exist because a direct prohibition from the state to the individual would undermine at least one of the individual's constitutional rights.