Not necessarily, since the JOBS act got signed into law. Other countries have similar laws.
In fact, there's already a couple of movie crowdfunding campaigns which are taking advantage of equity crowdfunding, but it's still very much a niche. I wonder, why it's not more popular.
It worked for us! We raised over $1 million with Equity Crowdfunding to make our movie, which was released in December, 2018. Equity Crowdfunding raises an average of $270k, and Kickstarter mostly raises less than $10k. It's the future...
The old saw is, "Crowdfunding is two words. If you don't already have the crowd, you ain't gonna get the funding." Strangers are not going to give you money to make your movie. You must build your audience before you get to the crowdfunding stage. (Very helpful, I know.)