The reality is that it is impossible for everyone to be an expert in everything. At some point, certain fields, medicine and finance for example, become so complex that it is impossible for a lay-person to make an informed decision. Historically, when lay-people are given the freedom to "use their money however they want" within these fields, hucksters and frauds have quite successfully conned them because it is impossible for a lay-person to tell the difference between a legitimate opportunity and a scam; they don't have the expertise, experience, and even the time to perform the due-diligence needed to make an informed decision. While these regulations are certainly a blunt instrument, and they do prevent a very small segment of the lay-population who could make an informed decision from doing so, the alternative is far worse.