Well what has happened is they will be closed to only the rich/elite of the world. Only the wealthiest people will be able to get into them. Don't believe me then go research the ICO market. They will be exclusive investments to elite crypto hedge funds servicing the extremely wealthy. They are doing this right now as we speak (Pantera, Blockchain Capital, Polychain, Sequoia, BlockTower) they want exclusive creme de le creme clientel.
I don't agree with you. It is impossible. If it going to be closed for only the exclusive clientele, it is not going to be called ICO. They are plenty of private investments in the world, but the crypto world need the mass public to be involved.