The only people to whom losing a 50-100k investment won't be life-changingly bad are either high net worth or high income.

There is a lot of frustration from this crowd about not being able to invest a sensibly small amount of money in an ICO / early stage startup / other risky thing. As a curious technologist who can handle a bit of risk, I can empathize! But we're not who the SEC is designed to protect. They're there to stop situations where people get half their life savings ripped off, and that is completely sensible.