Exactly. And SEC regulations are designed to stop dumb money from going into risky investments. If you comply then you can't cash in on that dumb money and there's no point to doing an ICO.

A lot of that dumb money is being put in by wall street, so not sure you're right.

This is not my impression. It seems to me that the dumb money is people who made early fortunes in crypto or regular people looking to ride the next pump and dump. If Wall Street money is coming in it's mostly to take advantage of the dumb money for a quick profit, for example by getting preferential pricing or timing so they can sell to later investors).

I think most of the money that's going in is by people with more than the 250k limit. Above that you can market pretty much anything as long as you're honest, I think. So I don't think it would be affected much, except that ordinary users wouldn't be able to use it (unless they could get it on exchanges, which may be under different laws?)

Not a simple question, I guess.

What's the 250k limit? (If you're speaking of Accredited Investors, the limit is $1m in net worth not including primary residence.)

Maybe they're referring to the 200k income threshold for the other accredited investor test?

Yes, that. Remembered wrong.

> If Wall Street money is coming in it's mostly to take advantage of the dumb money for a quick profit,...

Examples? Is Goldman playing in the current bubble?

Yes. https://www.bloomberg.com/news/articles/2017-12-07/goldman-s...

Is dumb money also considered money that is going towards free speech activists?

Why do you think the SEC should be arbitrators of what and what is not dumb money?