Rick Rule on financial regulation

It seems to me that the apparatus of regulation is designed to protect the public from a few bad apples who pay no attention to regulation whatsoever. It seems that most of the impact of regulation is to constrain the flow of information from honest people to honest people around the vainglorious hope that you can protect investors from their own worst instincts, and from some of the worst elements of humanity, something that I believe is futile. I actually believe that investors would be better served if they understood that neither FINRA nor the SEC can protect them and they had to do the work to protect themselves. 

~ Rick Rule, "Where to Find Big Gains in Resource Stocks," Stansberry Investor Hour, 16:00 mark, May 13, 2021