The current outcome is a mistake, no one specific law, but perpetuated by fear that paycheck to paycheck people will get scammed It is an overfitted system tha

The current outcome is a mistake, no one specific law, but perpetuated by fear that paycheck to paycheck people will get scammed It is an overfitted system that has created more and more compliance in response to rare scams that occurred within the rules of their system anyway! If companies didnt find it too expensive to go public earlier nobody would be trying to have this conversation. People wouldnt be getting ripped off in massive SPAC deals because the target companies would be public already.