It feels like there are two different moving parts here. First, should YC open up to a new class of investors? That's just a business decision for YC: either it

It feels like there are two different moving parts here. First, should YC open up to a new class of investors? That's just a business decision for YC: either it suits their plans or it doesn't. The second question is how they open up their business to new investors. It's a little tricky to raise money from retail investors, so I wonder whether this talk of an ICO is designed to skirt regulation. I know I sound very un-hip when I say this, but that regulation is there for a reason. The vast majority of investors don't have the background or knowledge to assess the risk of alternative investments. It's not impossible for YC to market to retail investors, just more difficult. They should either raise money in the conventional way or not at all.