While I strongly support the crowdfunding bill, I do get nervous about the argument that says "regulations should not protect people from the risks of their own

While I strongly support the crowdfunding bill, I do get nervous about the argument that says "regulations should not protect people from the risks of their own decisions." Because as we well know, people are not perfect (or even good) reasoners; and in particular, investments are a case where, absent regulation, there is one set of people with a huge financial incentive to deceive a second set of people by any means necessary. And in such cases I think one has to be careful about "allowing" the second set of people to act freely on the bad information the incentives will ensure they receive.