This sounds good superficially but I don't think it actually makes sense. People can and should have higher expectations for investments than lottery tickets. And primary-residence mortgages are relatively safe and liquid compared with private investments. I.e., these things are of a different kind entirely than private investment.

The real question to me is, what is a "private" investment if everyone can invest in it? Why isn't it subject to the same reporting requirements as a "public" investment?