empirically, it is one of the most common ways to scam people. you go to someone struggling, $20k scrapped together, try to sell them a lemon car for $10k, they say no bc they cant afford it you go to the same person and say you have an amazing way to double their money in just 6 months...
that'd be fine if these laws proved they eliminated those scams but people still get scammed in investing schemes 24/7 365 on the flip side they are 100% effective at limiting the ability of creative entrepreneurs to access capital + taking away the ability of normal people to reap the benefits of investing in them
Is it less bad if you pull the same tricks on a person with $1M? The simple fact that being rich means you can invest and poor means you can't is a moral hazard either way. If investments are scams, then letting _anyone_ invest is bad. If investments are not scam, then not letting someone because they're poor is bad.