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.
No, that is not what I said at all. Nice try though.
What I said is that if it is not 'open to all' then there must be a qualifying set of conditions, which are defined by a governing body. It is this instance that then exposes the 'governing body' to liability for the project by way of them asserting their authority over the coin project.
Which is ENTIRELY different from declaring that all ICO's *must* be open to all.
Your legalese kung fu is extremely weak.