It seems to me that creating an open market for angel investment will cause all the problems the public market went through in the past few hundred years (bubbl

It seems to me that creating an open market for angel investment will cause all the problems the public market went through in the past few hundred years (bubbles of extraordinary proportions, fraud, etc.) That means the government would have to establish more and more regulation to prevent abuse, which would severely limit the ability of startups to operate. Having the market be restricted to a pool of accredited investors instead makes more sense to me.