Which is why there shouldn't be any prohibition exclusively in the securities market. There are even higher wealth tests in some aspects of the commodities market.
These things just haven't been challenged in the courts because those wealthy enough don't know or consider this is an issue, and people less wealthy aren't even exposed to these kinds of opportunities and probably also can't afford the court challenge.
I think there is room for a challenge and invalidation of the entire concept because the wealth test actually used to be different kinds of tests as recently as the 70s. Those were no good because it led to arbitrary discrimination by the brokers and companies. And now we are back to that because FINRA licenses are more standardized.
Can likely invalidate the entire concept with more recent case law such as spending is speech via 1st amendment, 5th amendment and 14th amendment equal application of laws in comparison to the wealth/access dichotomy as well as ability to speculate and gamble in other markets.
These things just haven't been challenged in the courts because those wealthy enough don't know or consider this is an issue, and people less wealthy aren't even exposed to these kinds of opportunities and probably also can't afford the court challenge.
I think there is room for a challenge and invalidation of the entire concept because the wealth test actually used to be different kinds of tests as recently as the 70s. Those were no good because it led to arbitrary discrimination by the brokers and companies. And now we are back to that because FINRA licenses are more standardized.
Can likely invalidate the entire concept with more recent case law such as spending is speech via 1st amendment, 5th amendment and 14th amendment equal application of laws in comparison to the wealth/access dichotomy as well as ability to speculate and gamble in other markets.