Yes, that law is trying to protect people with <$1M; but it does consequently deny them a class of opportunity - even if both company and would-be investor want it.
Pointing that out does not mean JumpCrisscross thinks people should have a right to invest in a company which doesn't want their money.
But here's the thing:
1) Angel investing is break even at best (I quote Paul Buchheit on this)
2) in a VC lead round, the VC firm will fight to keep out individuals as much as possible if said individual is not a professional investor of sorts (ex: you're Marc Benioff).
3) Access is a greater barrier to entry than funds or accredited investor status.
So when you combine the above, retail investors won't have access to great investment opportunities anyways, even when accredited investor status becomes defunct.
Do we expect to be able to invest in Koch Industries or Cargill, which continue to be private? To me that's underlying sentiment.