There was a time when securities didn’t need to be registered or regulated at all. It causes a bubble and global economic collapse. I don’t like the government or regulatory system but what I see now is people trying to enrich themselves at the expense of people they’re duping.
Discussion
What most people don't realize is that the economy is an ocean of people making choices relative to their perceptions and incentives and constraints. As long as humans are involved, what you and many others call bubbles and global economic collapse are simply economic waves and tides that will continue because people don't have perfect information, and the only person who has perfect information is God. Government intervention simply postpones the self-education that every person needs to do to become financially literate, like someone breaking open the shell of an egg that the baby bird needs to break for themselves, or else they die. It's incumbent upon the government to get out of the way of people learning their lessons and paying the price of tuition, so that people can grow up, and make better financial life choices. Short of Heaven, there are mainly trade offs in choice making. So, it behooves each person to learn how to say "No" when they are confronted with a lie or the truth, including with unregistered securities.