Removing the Asian Only rule will not change the use of tired memes, rap battles, or other overdone things...it will just change the characters that use them. And while yes, there are tons of different cosplayers doing cosplay from a variety of sources...and by all means it is welcomed. But the event has a theme that is linked to Anime, manga, and many other Asian things, and it may not be the decision of the Masquerade director to adjust the competition to stray from that theme. Not saying it cannot happen, but just putting it out there for discussion.
^ THIS
If it's masquerade, it's their rules. Some anime conventions have walk ons for non-anime cosplays. While, yes...Homestuck, MLP, Marvel, DC, etc are getting popular, traditionally, masquerades are generally the theme of the con - in Fanime's case Japanese anime. It only seems fair enough.
Yet, no one stopped anyone from doing MLP, Homestuck, Doctor Who, etc for hall cosplay, right? I sometimes wish cons would make this rule a bit clearer. Like, on the Anime Boston website, they clearly state that it's preferred to have anime / video / Asian cosplay to be in events like masquerade, cosplay chess, cosplay murder mystery, etc. Yet, they still welcome non-Asian things and do randomly award any costume in the hall if it looks cool - Asian origin or not. Fair enough, I say.