> Those examples have cleary less benefit for society then the dumbest investment strategy
They also carry less risk. Few people who "lose their shirt" say "oh well, I didn't do my diligence." Instead, they blame the system. Their anger becomes political capital. Moreover, inept investment combined with leverage can decimate an economy in a way frivolous personal spending does not.
If you want to learn about why these regulations appeared, in more or less similar form, many times independently across the world, start by reading on the history of free banking, the Panic of 1907, the post World War I securities market and the debates surrounding the Securities and Exchange Acts of '33 and '34.
Disclaimer: I am not a lawyer. This is not legal nor securities advice.
They also carry less risk. Few people who "lose their shirt" say "oh well, I didn't do my diligence." Instead, they blame the system. Their anger becomes political capital. Moreover, inept investment combined with leverage can decimate an economy in a way frivolous personal spending does not.
If you want to learn about why these regulations appeared, in more or less similar form, many times independently across the world, start by reading on the history of free banking, the Panic of 1907, the post World War I securities market and the debates surrounding the Securities and Exchange Acts of '33 and '34.
Disclaimer: I am not a lawyer. This is not legal nor securities advice.