Agreed about the superfans. The point about equity crowdfunding was that if the rules only apply to the equity investment model, then most projects are still safe. Superfans can still fund the projects they like in the amounts they like, because they're getting a material return (products, swag, dinner with the company stars, etc).

I'm not out to get into a political argument about the inherent value of laws. Too busy working on my own projects. :)