> The reason ICOs were such a boon is that there has been no other path for the middle class to invest in startups.

You know what they say about forgetting history...

The middle classes (or lower class) aren't really allowed to invest in business because it's really risky (see: Great Depression). When 1 rich person loses $1 billion, that's sad. When 100000 grandpas lose $10000, that's a national tragedy.

i'd need proof that it's the middle class that invests in ICOs and not money launderers.