Tuesday, June 20th, 2023 - TrickJarrett.com: Be excellent to each other.

Surprising decrease in murder rates so far in 2023

6/20/2023 9:14 am | : 2 mins.

Originally found via the blog, Popular Information, though he harps much more on the lack of press coverage for it. Which seems to be two-fold from my perspective: 1, it's only five months into the year so it seems early to celebrate, and 2., celebrating a large decrease with thousands still dying is hard to spin / spell.

Murder is down about 12 percent year-to-date in more than 90 cities that have released data for 2023, compared with data as of the same date in 2022. Big cities tend to slightly amplify the national trend—a 5 percent decline in murder rates in big cities would likely translate to a smaller decline nationally. But even so, the drop shown in the preliminary data is astonishing.

The good news comes with the caveat that murder is not uniformly falling everywhere. Memphis, for example, has experienced an uptick following the killing of Tyre Nichols in January. Additionally, even a record double-digit percent decline in murder in 2023 would still mean that a couple thousand more people will be murdered in America this year than in 2019. Finally, mass shootings are on the rise even as overall gun violence appears to be falling.

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| Tags: us justice, crime, crime rates, murder

"Get out of Crypto now" - former SEC Lawyer

6/20/2023 2:55 pm | : 9 mins.

Get out of crypto platforms now, I can't say it any plainer. Having worked as an attorney in the SEC Enforcement Division for almost 20 years (including 11 years as Chief of the SEC Office of Internet Enforcement), I believe that we now know for certain that crypto trading…
— John Reed Stark (@JohnReedStark) June 8, 2023

A massive Tweet from an ex-SEC Lawyer:

Get out of crypto platforms now, I can't say it any plainer. Having worked as an attorney in the SEC Enforcement Division for almost 20 years (including 11 years as Chief of the SEC Office of Internet Enforcement), I believe that we now know for certain that crypto trading platforms are under a U.S. regulatory/law enforcement siege which has only just begun.

And before you chop my head off with vitriol, ad hominems and OK Boomerisms, please allow me to explain the situation with only facts and research.

And before you label me a bureaucratic, washed-up SEC shill, please bear in mind that while I may indeed be washed up (!), I am typically an outspoken and dedicated SEC critic (see, e.g., https://twitter.com/JohnReedStark/status/1656774452388962305?s=20). I also have no stake of any kind in the cryptoverse. I am 100% objective, independent and neutral. Just seeking truth, always.

My take is that the SEC is spot-on with their crypto-related enforcement efforts. No matter what the carnival barkers promise, it is axiomatic that crypto trading platforms are high-risk, perilous and inherently unsafe. Please read on to understand my reasoning.

Why A Lack of SEC Registration Matters

U.S. SEC registration of financial firms: (1) mandates that investor funds and securities be handled appropriately without conflicts of interest; (2) ensures that investors understand the risks involved in purchasing the often illiquid and speculative securities that are traded on a cryptocurrency platform; (3) makes buyers aware of the last prices on securities traded over a cryptocurrency platform; and (4) provides adequate disclosures regarding their trading policies, practices and procedures.

Overall, entities providing financial services must carefully handle access to, and control of, investor funds, and provide all users with adequate protection and fortification.

With traditional SEC-registered financial firms, the SEC has unlimited and instantaneous visibility into every aspect of operations. With crypto trading platforms, the SEC lacks any sort of oversight and access — and has scant ability to detect, investigate and deter fraudulent conduct. As a result, the crypto marketplace operates without much supervision, lacking:

--The hallmarks of the traditional transparent surveillance program of a financial firm like an SEC-registered broker-dealer or investment adviser, so the SEC cannot analyze or verify market trading and clearing activity, customer identities and other critical data for risk and fraud;

--SEC and/or Financial Industry Regulatory Authority licensure of individuals involved in crypto trading, operation, promotion, etc., so the SEC cannot detect individual misconduct and enforce violations; -Traditional accountability structures and fiduciaries of financial firms, so the SEC cannot ensure that every customer's interest is protected and held sacrosanct; and

--The compliance systems, personnel and infrastructure, so the SEC cannot know where crypto came from or who holds most of it; and -The verification and investigatory routine and for cause SEC or FINRA examinations, inspections and audits, so the SEC and FINRA cannot patrol, supervise or verify critical customer protections and compliance mechanisms.

What the Crypto Regulatory Vacuum Means

For customers of digital asset platforms like most so-called crypto exchanges, there is not just a gap in customer protections, but a chasm. For example unlike SEC-registered financial firms, crypto trading platforms have:

-No record-keeping and archiving requirements with respect to operations, communications, trading or any other aspect of business;

-No requirements regarding the pricing or order flow of transactions or the use internal platforms and payment systems by employees;

-No reason to abide by U.S. statutes and rules prohibiting manipulation, insider trading, trading ahead of customers and other fraudulent behavior by customers or employees;

-No mandated cybersecurity requirements or standards to combat online attackers and protect customer privacy;

-No requirement to establish mandated training or code of conduct requirements;

-No obligation to have in place internal compliance, customer service and whistleblower teams to address and archive customer complaints;

-No requirement to reverse charges if any dispute or problem arises;

-No mandated robust and documented processes for the redress and management of customer complaints (N.B. that and even if there was a formal complaint filing structure in a digital asset trading platform, the pseudo-anonymous nature of virtual currencies, ease of cross-border and interstate transport, and the lack of a formal banking edifice creates enormous challenges for law enforcement to investigate and apprehend any individuals who use cryptocurrencies for illegal activities);

-No obligation to follow publicly disseminated national best bid and offer and other related best execution requirements;

-No minimum financial standards for operation, liquidity, and net capital; -No U.S. governmental team of objective auditors and examiners to inspect and scrutinize the fairness, execution and transparency of transactions;

-No requirement to ensure consistency of trading operations i.e. that the trading protocols used, which determine how orders interact and execute, and access to a platform's trading services, are the same for all users; and

-No obligation to design ethics and compliance codes for Wall Street entities (regardless of registration status) which would ban their employees from investing in cryptocurrency or NFT investments based on the same arguments as the ban of initial public offerings and options – i.e. that they are too risky and may tempt an employee to steal if not prohibitive.

It's all straight-forward and commonsensical. SEC registration establishes critical requirements that protect investors from individual risk and protect capital markets from global systemic risk. The requirements also make U.S. markets among the safest, most robust, most vibrant and most desirable marketplaces in the world.

Thanks for reading. With my blessing (and nothing but love for you), please feel free to launch the hate. Full Stop.