Perhaps because that would be an absolutely horrific example of government overreach. When you put money into a kickstarter project, you know the risks - stop looking for big daddy to look after you.

The whole point of the status of an "accredited investor" was to separate (typically) savvy/knowledgeable people from complete amateurs. This designation was created specifically to prevent people from throwing money at poorly-researched/fly-by-night/scammy/hopeless investments. An accredited investor like PG has the knowledge and means to do due diligence before he commits money. Some local loser...not so much. That's the point.

I'm not going to argue this so much as reaffirm my mystification that regulatory bodies haven't interfered with this obvious conduit of fraud.

"There are too many stupid people in the world. I'm not saying we should kill them all or anything. Just take the warning labels off of everything and let the problem solve itself." -- Unknown

If someone took your money on kickstarter with no intention of working on the project, I'm sure the government would be happy to investigate that as fraud.

Kickstarter is meant as a fundraising website, everything is a donation.

That's why the rewards are "perks" not guarantees. Project backers have twisted this around to turn it into preorders for products, but fundamentally Kickstarter is a way to bring in donations, with the perks functioning as nice thank you gifts.

There is no way that anything on the KS website could mislead you into thinking that you are investing your money to get a share of the company running the project.

Nothing to do with securities, stocks, options or ownership. Therefore it is really nothing to do with the SEC.