There may also be an adverse selection problem. As a founder, would you rather have $170K from YC or $200K from AngelKicker? Will all crowdfunded startups be the ones who couldn't get in to an accelerator program? If so, good luck raising a second round.
You may also see companies that only need one round (i.e not VC-scalable businesses) going to AngelKicker. (Nice name, by the way - is the domain taken?) That would further brand AK companies as "non-fundable" in follow-ons.
The more I think about this, the less relevant to the SV style startup I think this legislation is. It's better suited to other types of business.
