Only accredited investors (ie Rich People) get access to the blue part.

So retail has limited access to the most dynamic and highest return parts of the market, they have to settle for IPO leftovers.

No wonder people are turning to crypto.

This is true and unfortunate. The SEC’s reasoning for this? SEC is designed to better protect Retail Investors over Accredited or Institutional Investors, assuming the latter are more capable of making sophisticated investment and do not need the same level of protection