letting ordinary people invest in what they please does generate alot of harm for individuals who are indeed too stupid to spend their money wisely. But it also oppresses that class who didn't happen into a $1M.

I'm a college educated, 26 year old programmer. I don't have a million in assets yet and it effects my ability to trade on margin and invest in private or OTC offerings, run an arbitrage bot and a million other things. Using a million dollars in assets as your rationale for whether someone is smart enough to do those things is classist.