[StanislawMel]

This is a very fair point - however I think the bigger issue is that there are so many larger entities usually subject to Regulation D that are piling into ICOs as though they have no unusual degree of exposure.

Those are the investors I meant to invoke rather than retail, and they're the ones that usually underpin ICOs to the public at large with big commitments.

I think the SEC is going to view it as a legitimate policy goal to stomp on some of these accredited investors as bad actors, and by doing so scare accredited capital from receiving privileged access while playing alongside Main Street investors.

If that's correct, this would have systemic impacts on the ICO market. So retail investors would be punished by the market, true, but largely because of SEC intervention.