If the irresponsible can't blow their money on these, they'll find another way - penny stocks, get rich schemes, etc. However, the responsible have spent years researching and educating themselves to responsibly and intelligently incorporate these into their portfolios. If you take these away, the responsible will have to work harder and research more for other investment vehicles that might get taken away later anyway. The irresponsible will always find new gambles, but the responsible might not find alternatives to these.
Bob Jorgenson Comment On Regulatory Notice 22-08
If the irresponsible can't blow their money on these, they'll find another way - penny stocks, get rich schemes, etc. However, the responsible have spent years researching and educating themselves to responsibly and intelligently incorporate these into their portfolios. If you take these away, the responsible will have to work harder and research more for other investment vehicles that might get taken away later anyway. The irresponsible will always find new gambles, but the responsible might not find alternatives to these.