U.S. SEC Issues Warning On Cryptocurrency Exchanges
The Securities Exchange Commission has issued a warning against online trading platforms for digital assets (cryptocurrency exchanges) and says that "if a platform offers trading of digital assets that are securities and operates as an "exchange," as defined by the federal securities laws, then the platform must register with the SEC as a national securities exchange."
The SEC had previously issued a similar warning against so-called ICOS (initial coin offerings).
The SEC is not yet explicitly defining cryptocurrency as a security and the Securities and Exchange Act of 1934 that does define a "security" did not anticipate the future existence of independent digital currency.
The IRS is treating cryptocurrencies not as currency or money but as assets which can be taxed when sold for hard currency.
So until new rules are passed, cryptocurrencies still reside in a gray area and it may take a court ruling to more clearly define the regulatory nature of cryptocurrencies.
A wide range of cryptocurrencies are traded and exchanged for hard currency on hundreds of independent, unregulated exchanges around the world. Some sites claim that there are hundreds of thousands of trades every day worth billions of dollars.
Because there is little or no regulation of cryptocurrencies or the exchanges, fraud is all too common and many of the exchanges are in reality just criminal enterprises.
Some of the exchanges claim to have been the victims of massive thefts of digital coins but the coin thefts were later revealed to actually be inside jobs.
One way to get rich quick these days is to setup a cryptocurrency exchange and start trading digital coins and then stage a hack and claim that coins were lost, then sell or exchange the coins elsewhere.
After the SEC warning was issued on March 7, the various exchanges posted substantial drops in the value of most cryptocurrencies. The problem is that the cryptocurrency market is so fake and manipulated that many market movements are likely engineered.
While a large portion of the cryptocurrency industry is fraudulent, there are players struggling for some sort of legitimacy. But legitimacy requires some sort of regulation and most cryptocurrencies were designed to be decentralized and unregulated to meet the needs of cryptoanarchists and criminals. They were not designed for legitimate regulated commerce with the necessary oversight and checks and balances.
The IDMC intends to offer a sound regulatory framework for regional digital currencies so that they can be used for legitimate trade and not reside primarily in the chaos of investor exchanges.
out the year, since it no longer freezes solid in winter.
Greenhouse gas concentrations could rise higher than at any time in our planet's history.
As greenhouse gas concentrations continue to increase ever faster, temperatures will rise beyond the range required to support most life, including our own.
This winter's Arctic heat wave clearly shows that we have been deluding ourselves. The projections of most climate scientists are way, way off. Almost none of them predicted such rapid warming.
As leading climate scientist James Hansen keeps trying to tell us, the UN'S Intergovernmental Panel on Climate Change (IPCC) is a great fraud. It's climate research assessments have deliberately excluded the Arctic and so of course failed to make accurate predictions or prompt meaningful action.
We are flat out of time.
The time to think that we can slow or stop runaway climate change or that we will just need to adapt to temperatures only 2°C or 4°C warmer is long over. We are already consistently seeing temperatures across the planet that are more than 20°C above normal, yet the authorities continue to report the tired lie that the planet has only warmed by 1.5°C.
New Zealand recently reported that they have already had the hottest summer ever. Spring has arrived in many parts of the U.S. and Canada at least a full month early.
Now is the time to urgently develop the means for survival on a planet that will soon no longer be able to support life as we have known it.
We need to come to terms with the fact that no matter how many solar panels and wind turbines we erect and how many dirty coal power plants we retire, it won't stop what is coming. It might slow it a bit, but not by much.
We are now at the point where the only thing that might stop the rapid heating of Earth and mass extinction of life is some sort of radical geo-engineering such as causing the eruption of volcanoes around the globe to cool the planet. But, any type of geo-engineering is likely to have its own negative consequences and face strong public opposition.
If our governments and academic institutions won't help save use perhaps we can do it on our own.
Fortunately, digital currencies offer us a life-line. Done right, independent regional digital currencies as described in the above article could provide the financial resources needed to build partially underground carbon-negative cities, develop and deploy new technology to remove carbon from the atmosphere and preserve select species.
Instead of sending a handful of people to attempt to live on an uninhabitable Mars, we could save our own planet, which was well-suited for life until we screwed it up.
We the people no longer have to be trapped in an unsustainable culture. We can access the resources to create a new, better and sustainable culture.
But first there must be enough of us able to wake up, think for ourselves, see what is happening now and coming in the near future and then have the courage to do something about it.