I don't have a particular objection to the change, but it's a little overstating the previous situation to say that only people with access to private networks

I don't have a particular objection to the change, but it's a little overstating the previous situation to say that only people with access to private networks could fund startups. Startups couldn't advertise overtly with "Got $1000? Fund us!" banner ads on Facebook, but nothing prevented a potential investor from emailing the contact addresses of interesting companies the investor saw on TechCrunch or HN, and asking if the company is interested in discussing an investment. Some companies will even telegraph their openness to such contacts on their website (not phrased as a solicitation, but making it clear they are in a fund-raising phase).