Oh Em Effing Gee! Do not go making statements you are clearly unqualified to make.
I will be happy to compare qualifications to make this statement with yours.
If it isn't 'open to all' then the governing body is taking responsibility for vetting those who it is open to.
One word: Minefield.
Really? So in your crack legal analysis, all coin ICOs must be public, open to all? You cannot limit for accredited investor status? You cannot limit participation by criminals? You cannot simply pick your friends? This is a new legal idea, the ICo must be open to all. Please enlighten us on the laws which require such.