ICOs benefit large institutional investors who may not have the best interests of the community at heart. We've seen a lot of these institutions intentionally crash the value of cryptocurrencies to make a few quick bucks.
At the same time, you're right to point out the regulatory issues, which are only going to grow in the future.
In the end, we decided it was best to pursue Bolt as a philanthropic community based project. That doesn't mean we are going to airdrop any BLT, but it does mean that people who contribute to the community earn Bolt.

We're always looking for advisers to join our community. The few we've had so far have provided incredibly valuable input, especially in finding a strategic niche to fill. Originally our focus was entirely on the tech of the Diamond Lattice, but after talking to our advisers and considering why we are interested in cryptocurrency in the first place, we decided that building a grant based ecosystem was what we wanted to do, and an empty niche to fill.