The general public is only allowed to join at the end or not even at all.

Precisely, this was one of the main reasons platforms like ETH and EOS were created. Both Dan and Vitalik have always been extremely passionate about access to all, not private sale deals that are for rich well connected investors only. Unfortunately, the SEC has driven out a lot of innovation and investments from the US. Nearly every large crypto protocol, now has a foundation set-up in crypto friendly jurisdictions - Switzerland, Singapore, Malta, certain Caribbean islands. The SEC does not protect the common Investors but rather excludes them from opportunity. They also drain the US of new investment wealth and kill innovation.