I have a feeling with Reg A+ you're going to see the OTC get slowly cleaned up. It will become a platform to provide liquidity for Reg A+ deals. Capital formation is evolving right now. We're moving towards an open source economy.
There's always going to be "scams" though and there will always be "dumb money" investing in them. In the future the "crowd" will flush them out.
I'm personally against legislating responsibility. The nanny State is a big part of the problem. We have laws to protect investors. They should be enforced. Instead it's easier to place the burden on the issuers themselves.