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      "body": "Thanks for being the first upvote we appreciate you joining the movement and #WelcomeToTheSociety we have lots of exciting content on the way so stay tuned!",
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      "body": "Hi! I am a robot. I just upvoted you! I found similar content that readers might be interested in:\nhttps://www.cryptonewspeople.com/2018/05/26/a-guide-to-us-regulating-bodies/",
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      "author": "societyio",
      "permlink": "sec-cftc-irs-and-others-a-guide-to-us-regulating-bodies-by-stephen-o-neal",
      "title": "SEC, CFTC, IRS And Others: A Guide To US Regulating Bodies By Stephen O'Neal",
      "body": "![1450_aHR0cHM6Ly9jb2ludGVsZWdyYXBoLmNvbS9zdG9yYWdlL3VwbG9hZHMvdmlldy8zM2U1YzY5NjI1ZGMzZjE3ZTYzOTM2NmNkMDllYjhlYi5qcGc=.jpg](https://cdn.steemitimages.com/DQmYfn7TawsGyUij3zpqwS8qp1FvEvZNDtaC2VQ8HGWdvLe/1450_aHR0cHM6Ly9jb2ludGVsZWdyYXBoLmNvbS9zdG9yYWdlL3VwbG9hZHMvdmlldy8zM2U1YzY5NjI1ZGMzZjE3ZTYzOTM2NmNkMDllYjhlYi5qcGc=.jpg)     \n\n     According to CoinTelegraph on May 22, 2018  the US Commodity Futures Trading Commission (CFTC) issued an advisory statement for listing virtual currency derivative products. The statement is aimed at providing clarity for exchanges and clearing houses. Previously this week, major US cryptocurrency exchange and wallet Coinbase spoke to regulators about obtaining a federal banking charter. We at SOOCIETY.IO think that those events came in the midst of uncertainty regarding the status of crypto in the US, as federal regulatory bodies still haven’t come up with one definitive scheme to regulate Bitcoin, altcoins and initial coin offerings (ICOs). There are currently a number of federal regulators involved in crypto, and all of those bodies view cryptocurrencies like Bitcoin differently - defining it as a security, money, property or a commodity. Furthermore, on a state to state level, some additional regulations may apply. With the absence of one definitive regulatory framework at the federal level, cryptocurrencies in the country fall into various categories, all of which must be considered. In the US, Congress holds supreme power over federal regulatory agencies such as the CFTC and the Securities and Exchange Commission (SEC), enforcing them to comply with the laws it issues. Now that Congress is silent on the matter, each regulatory agency views cryptocurrency from its perspective, which is why it’s possible for different agencies to claim concurrent authority over the same actions… This means that US citizens must abide by the existing regulatory schemes of all the various agencies, even if they conflict.\n\nThe SEC: fights against ICOs and leans towards a “balanced approach”\n     SOCIETY.IO thinks it is important to know that the SEC, which regulates securities transactions, mostly considers crypto as securities. According to the 70 year old Howey Test, which the SEC applies to determine the purview of its jurisdiction, a security involves the investment of money in a common enterprise, in which the investor expects profits primarily from others' efforts. Last year, the agency issued a marker opinion on digital assets, claiming that ICOs can sometimes be considered securities and therefore are subject to strict laws and regulations. Recently, the SEC elaborated on its views regarding crypto and said that it is looking to apply securities laws to everything from cryptocurrency exchanges to wallets.\n     Also that ICOs appear to be the agency’s primary focus, as in February 2018 the SEC came through with a sweeping probe, issuing subpoenas to shut down a number of “unregistered securities” among ICOs. Prior to that, SEC chairman Jay Clayton accused “many promoters of ICOs and cryptocurrencies” of not complying with securities laws. Whilst he previously recognized ICOs as “potentially efficient fundraising tools”, in a op-ed published by the Wall Street Journal, Clayton also warned that “The SEC will vigorously pursue those who seek to evade the registration, disclosure and anti-fraud requirements of our securities laws.” In a hearing at the US House of Representatives in April, William Hinman, the director of the SEC’s Division of Corporation Finance, explained why his agency had not completely banned ICOs, hinting that the SEC leans towards “a balanced approach” regarding digital assets and coin offerings, and that the area that “continues to evolve”. Hinman also followed previous comments from Clayton that most ICOs should be considered securities. According to Hinman, the SEC would be consulting with entities releasing tokens to verify that the offerings were either regulated or not qualified as securities. When asked if he could think of an instance in which an ICO would not be seen as the offering of a security, Hinman replied: “In theory, there is a time when a coin may achieve a sort of decentralized utility in the marketplace. There are some coins where you wouldn’t have an issuer to regulate…. In theory, there may be coins where that lack of a central actor would make it difficult to regulate… as a securities offering.”\n     Recently, SEC Commissioner Robert Jackson called the ICO market a prime example of an unregulated securities market in an interview with CNBC:\n\"If you want to know what our markets would look like with no securities regulation, what it would look like if the SEC didn't do its job? The answer is the ICO market”\nJackson also said that he hasn’t yet seen an ICO that wasn’t a security and currently, there are no ICOs that registered with the SEC. However, in early March, The Praetorian Group filed with the agency to register their ICO as a security offering; if their application is accepted, they will become the first company to hold an SEC-regulated ICO.\nThe Securities and Exchange Commission (SEC)\nWhat’s that? An independent federal agency responsible for protecting investors from fraud schemes. Primary overseer of the US securities markets\nHow does it view crypto? Securities\nThe Commodity Futures Trading Commission (CFTC)\nWhat’s that? An independent federal agency that protects market participants from frauds. Regulator of futures and option markets in the US\nHow does it view crypto? Commodities\nThe Financial Crimes Enforcement Network (FinCen)\nWhat’s that? A bureau of the US Department of the Treasury. Analyzes financial transactions in order to fight money laundering, terrorist financing, and other financial crimes.\nHow does it view crypto? Money\nThe Internal Revenue Service (IRS)\nWhat’s that? A government agency that collects taxes and enforces tax laws.\nHow does it view crypto? Properties\nThe US Office of Foreign Assets Control (OFAC)\nWhat’s that? An agency of the U.S. Treasury Department. Enforces economic sanctions in support of U.S. national security and foreign policy\nHow does it view crypto? Money, or fiat currencies\n\nThe CFTC: Overall cryptofriendly approach\n     The CFTC, a body that fully controls commodity derivatives transactions, claims that tokens are commodities. That means that in their view, Bitcoin (BTC) is closer to gold than to conventional currencies or securities, as it is not backed by the government and doesn’t have a liability attached to it. The CFTC’s approach to regulating cryptocurrencies as commodities has been recently backed up by a New York federal judge. As CFTC Commissioner Brian Quintenz explained, “crypto-tokens offered in a pre-sale can transform. They may start their life as a security regulated under the SEC from a capital-raising perspective but then at some point – maybe possibly quickly or even immediately – turn into a commodity.\" The CFTC has shown some pro-Bitcoin leanings, granting LedgerX the right to create a regulated Bitcoin futures market. Moreover, J. Christopher Giancarlo, chairman of the US Commodities and Futures Trading Commission and self-proclaimed “cryptodad” - that hashtag was briefly featured in his Twitter bio - has gained the reputation of a rather cryptofriendly regulator, although he will leave office in 2019 as his term expires. In February, he said: “We owe it this new generation to respect their enthusiasm about virtual currencies with a thoughtful and balanced response, not a dismissive one.”\n     Despite having dissimilar definitions of cryptocurrencies, the CFTC has been collaborating with the SEC. In February, the agencies held a highly anticipated hearing, where they gave credit to the cryptocurrency industry for adding a new paradigm to the financial system, stressed the importance of fair regulatory frameworks and famously said that “if there was no Bitcoin, there would be no blockchain”. The CTFC also made its priorities clear. The agency stressed its interest in allowing growth for blockchain and cryptocurrencies, while focusing on fraudsters in ICOs. That seems to be the main direction for federal regulators at the moment. After dealing with unlawful ICOs, the various regulatory agencies might proceed to tackle more difficult issues, like what makes a token a security, a commodity, money or a utility.\n\nThe FinCen: ICO arrangements vary, but tokens are basically money\n     The Financial Crimes Enforcement Network (FinCen), a bureau of the Treasury Department that has full authority for Know Your Customer (KYC) and Anti-Money Laundering (AML) matters, considers tokens to be money. In other words, under the FinCen’s jurisdiction, ICO sales are subject to the money transmitter rules under the Bank Secrecy Act, and therefore are required to register with the government, collect information about their customers, and report any suspicious financial activities. In March, FinCen disclosed in a letter written by its Assistant Secretary for Legislative Affairs Drew Maloney to senator Ron Wyden, that the agency will apply its regulations to ICOs, stating that “an exchange that sells ICO coins or tokens, or exchanges them for other virtual currency, fiat currency, or other value that substitutes for currency, would typically… be a money transmitter\". The regulatory body mentioned that “approximately 100 virtual currency exchanges” are registered with the FinCen, and reminded about their policing action against Ripple Labs in 2015 and BTC-e in 2017.\nHowever, in that letter, FinCen also recognized that “ICO arrangements vary”, and that “certain participants could fall under authority of the SEC, which regulates brokers and dealers in securities, or under the authority of CFTC, which regulates brokers and dealers in security”.\n\nThe IRS: make sure to pay taxes, although we know it’s not easy\n     The Internal Revenue Service (IRS) thinks that cryptocurrencies are not currencies, but properties, meaning that if you sell your cryptocurrencies for a profit you will be subject to a capital gains tax. In 2014, the agency issued guidance on how cryptos should be taxed. According to Notice 2014-21, received or mined cryptocurrencies must be included in computing gross income with fair market value of the virtual currency as of the date it was received. In an Expert Take for Cointelegraph, Robert W. Wood, a San Francisco-based tax lawyer of Wood LLP, explained the nuances of paying taxes for crypto, reminding that with the agency using software for tracking purposes and the summons of Coinbase, the IRS hunt for cryptocurrency isn’t going away. On March 23, the IRS released a memo reminding US citizens of the need to report their digital currency earnings on their income tax returns. The agency also highlighted the “inherently pseudo-anonymous aspect” of cryptocurrency transactions. But, as the stats show, people are hardly paying their taxes on crypto. A couple of days before the taxes deadline in the US, the Credit Karma Tax platform told CNBC that less than 100 people have reported capital gains from crypto investments out of the 250,000 most recent tax filers. In February, at the beginning of tax season, Credit Karma reported the very same numbers, 100 out of 250,000, or 0.04 percent of tax filers reported gains on crypto in 2017. In 2015, the IRS reported that only 802 people in total had crypto gains and losses in their tax filings.\n\nOFAC: blacklisting crypto wallets of sanctioned persons\n     The US Office of Foreign Assets Control (OFAC), an agency of the US Treasury Department that enforces economic sanctions in support of US national security and foreign policy, seems to treat cryptocurrencies as money, or fiat currencies. In March, the agency updated its FAQ with a section on virtual currency. Essentially, as an international tax attorney Selva Ozelli explains in an Expert Take for Cointelegraph, under OFAC’s new guidance, US citizens will have the same sanctions compliance obligations regardless of whether transactions involve fiat currencies or cryptocurrencies. In other words, sanctions violations involving crypto are going to be treated similarly to those involving fiat currencies. Moreover, the Specially Designated Nationals and Blocked Persons List (SDNL) curated by the OFAC is going to be updated with digital currency addresses or wallets of people featured in it. As Ozelli points out, “this would put US persons on notice that doing business with those digital addresses may be prohibited, increasing compliance considerations for businesses delving into the world of virtual currency.” Thus, the program mechanism looks similar to KYC procedure, which includes sanctions list screening and other relevant measures. Those who fail to comply with OFAC’s regulations may face significant civil and criminal penalties. Although it’s not completely clear how OFCA will obtain crypto wallets of those on the SDNL, in March, classified documents obtained by Edward Snowden revealed that The US National Security Agency (NSA) managed to create a system to track down and deanonymize cryptocurrency users.\n\n“Chilled market”: rising need for responsible and definitive regulation\n     In a recent hearing entitled “Examining Cryptocurrencies and ICO Markets” that took place in Washington, Coinbase, one of the largest mainstream wallets and cryptocurrency exchanges, voiced their concerns regarding the patchy state of regulation in the US and how it is “chilling” the market. Mike Lempres, Chief Legal and Risk Officer at Coinbase, stressed that the “tremendous potential” of the digital currency’s technology can be only achieved through “responsible regulation.”, while at the current stage, the US regulatory system “is harming healthy innovation” due to a lack of understanding of what should be allowed and what should be not, and how digital assets should be considered; either as securities, commodities, property, or money. “There is so much uncertainty about the definition of a security and the scope of regulatory control that the market is being chilled. This is bad for everyone because the technology won’t stop — it will simply move overseas and we will miss out on the opportunity to cultivate the benefits in the U.S.” Lempres pinpointed “a lack of coordination” between federal regulators and stated that Coinbase cannot start supporting ICOs until the necessary regulations are adopted. Defining cryptocurrencies as an asset is indeed tricky: some cryptocurrencies might look like securities, while others act like commodities. It is also fair to suggest that most cryptocurrencies have some qualities of each. The CFTC chairman’s statement echoes that sentiment, as he suggests that despite all complexities, a regulatory framework isn’t coming any time soon. Nevertheless, the future for crypto in the US might be bright after all. Most US regulators seem to be quite \"cryptofriendly\" because they don't want to stifle innovation and would like to keep blockchain businesses in the country, but at the same time they want to protect individuals from bad actors. It's a difficult balancing act, one that requires pragmatism and time.",
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      "body": "Recently the SOCIETY.IO team attended some great events and we would like to shoutout some amazing influencers that were in attendance! \n\nFor example the Convergence Decentralized Panel with Kristen Leighstone of Coinbase sharing with Pavel Bains, Charly Hoskinson, Ashgo Blue, and last but not least the great Robby Greenfield.\n\nAnother great event was the Tokenizing Enterprise Panel where the brilliant Shuonan Chen lit up the stage with Thomas France and Michael Chin, modorated by Ms Amy Wan.\n\nWe have another great event coming up called The Boston Token Fest that is taking place September 13th - 14th. Prepare for a great event!\n\nThe SOCIETY.IO is really excited for this event, as should all entrepreneurs and business owners, since this is truly one of the premier events in Blockchain! \n\nMore information on Token Fest & Early Bird Ticket purchase links below:\n\nhttps://society.io/TokenFest \n\nhttps://bit.ly/2LEA5e7\n\nKeep up with our latest content and news! \n\n@SocietyStreams on Twitter/Instagram \n@SocietyIO on SteemIt \nFacebook.com/Society.io",
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      "body": "According to Coin Telegraph bitcoin, and the idea of digital cash, “has taken hold of the banking sector as banks and financial institutions start to experiment internally with blockchains and cryptocurrencies in order to be at the forefront of these technologies.”\n     \n     We at The Society agree that the fact that government organizations and even global leadership bodies such as the G20 are looking to regulate cryptocurrencies, again give more legitimacy and longevity to the industry. Also we feel it important to know that the latest wave of adoption is now coming from corporations who have come to be successful thanks to their centralized domination over different aspects of the market. For example Microsoft which in the world of computing, are legendary in driving the world to be digital. Amazon as well which is recognized as the pioneers of e-commerce, is getting forced towards blockchain technology as it has become apparent that this is the future, and even though it goes against their centralized values, they simply cannot miss out. Since the jump Microsoft has always been one of the biggest companies to give Bitcoin its dues. For example back in Dec. 2014, content on the Windows and Xbox stores could be bought in Bitcoin, and this was at a time where Bitcoin’s mainstream adoption and appeal was minimal.\n     \n    We are excited to share that the blockchain industry has grown and Microsoft has been pushing to be in front of the innovative queue just like us. Also that Microsoft has obviously identified the power of blockchain and its far reaching potential for disruptive applications in the world of enterprise business. The company is now developing blockchain applications - which are not that flashy as some of the solutions put forward by startups, but equally practical. Microsoft is also looking to build platforms on which businesses can grow their blockchain applications upon, such as the Confidential Consortium (Coco) Framework, an Ethereum-based protocol, which falls under Microsoft Azure, the company’s cloud computing arm. They have announced that they are looking into plans to integrate blockchain-based decentralized IDs (DIDs) into its Microsoft Authenticator app. The latest from the computing giant is that Azure has released its blockchain app creation service, Azure Blockchain Workbench, on May 7. Workbench aims to allow businesses looking to create bespoke blockchain apps to speed up the development process by automating infrastructure setup.\n    \n     Both Microsoft and Amazon have similar origins with their founders - Bill Gates and Jeff Bezos - being driven men with revolutionary ideas. Therefore it is unsurprising to see these two companies pushing to be on the forefront of a new technological wave. Gates may be spouting some pretty negative things about Bitcoin, and Bezos may be under siege to accept the digital currency on Amazon, but despite what the two founders think of the cryptocurrency space, it is becoming clear that the future is conquering the companies. Amazon revolutionized the e-commerce space, and is looking to at least be near to top of the pecking order when blockchain technology truly takes a hold. Just like in banking, there is a rush to get blockchain figured out and usable before the rest of the competition gets to market. Amazon are already in a battle with IBM and Oracle with its own “blockchain-as-a-service” offering. The blockchain framework for Ethereum and Hyperledger Fabric, which is allowing users to build and manage their own Blockchain-powered decentralized applications, is being developed in different forms by all three. Essentially, users would be able to create their own blockchain applications via the Amazon Web Services (AWS) CloudFormation Templates tool to avoid time-consuming manual setups of their blockchain network. \n     \n     Oracle, the world’s second-largest software company, also recently unveiled blockchain products, and will be releasing them over the next two months. Again, it was a similar cloud service built on the open-source Hyperledger Fabric project like Microsoft, and equally similar to IBM’s blockchain service, announced a year ago. Major companies are also jumping on the blockchain bandwagon in different easy, shapes and forms. Huawei is loading its phones with a built-in Bitcoin wallet;  Samsung revealed that it will use blockchain for managing its global supply chain; Spanish banking group BBVA became the first global bank to issue a loan on a blockchain, and use-cases continue to grow around the world.\nThe excitement is spreading, and it is creating an arms race even outside banks and the finance sector. Blockchain technology, while intrinsically attached to cryptocurrencies, also has many applications for other sectors. These applications are being explored, and evaluated. Companies like Microsoft, Amazon, Samsung, Huawei and others, all realize that with all these possibilities, it would be blind to not dive in, and quick. AWS vice president Jeff Barr explained in a post:“Some of the people that I talk to see blockchains as the foundation of a new monetary system and a way to facilitate international payments. Others see blockchains as a distributed ledger and immutable data source that can be applied to logistics, supply chain, land registration, crowdfunding and other use cases,. Either way, it’s clear that there are a lot of intriguing possibilities and we are working to help our customers use this technology more effectively.”\n     \n     Neil Patel, advisor to Kind Ads, a decentralized ad-network that consults companies such as Amazon and Microsoft, reiterates that these major corporations almost have no choice but to embrace blockchain technology as it is being regarded quite openly as the future of technology. Patel told Cointelegraph:\"Microsoft and Amazon have no choice but to focus on blockchain because it is the future. If they don't, they know that it will hurt their growth in the cloud computing space. Just look at Facebook, they see the value in blockchain so much that they moved around their executive team to put the ex president of PayPal on blockchain projects.\" Patel’s example above makes mention of how David Marcus, the former president of PayPal and the Facebook executive who has been running the company’s Messenger app, is now assembling a team to explore blockchain technology for the social media platform.\n     \n     Bitcoin, blockchain and cryptocurrencies in general all continue to split opinions. However, the voices in the detracting camps are becoming quieter, especially if they are just single voices. Many of these older viewpoints about how things were done, the centralized control of a sector and the move to monopolize a service, still reside in the likes of Gates and Dimon, but on the company floor, it is a different story.\n     \n     Our team is looking forward towards lots of progressions in Blockchain technology since it is being touted as the future, and it is not just empty words. The amount of money, time and effort being put into blockchain-based research and development by banks and corporations prove there is something more to it than a passing fad.\n\nWe recommend reading the full article available below:\n\nhttps://cointelegraph.com/news/amazon-microsofts-move-to-blockchain-centralized-companies-into-decentralized-ecosystem",
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      "body": "![Unknown.png](https://cdn.steemitimages.com/DQmVzSvhra3WEZ8F6XSqa6Y6GV9QhaDNQARz3jd5UphmyCz/Unknown.png)\n\n     We at The Society find Bill Gate’s Content Is King Article written January 1996, really interesting and important to talk about. This is because it embodies what we at The Society are all about in terms of making the most out of content. In the article Bill Gates talks about how Content is where most money will be made on the Internet similar to broadcasting moving forward. Gates elaborates by stating the Internet allows information to be distributed worldwide for basically zero marginal cost to the publisher which according to him will increase competition and failure but still have success in all categories of popular content. He explains how to be successful online there needs to be depth/interactivity in order to overcome the drawbacks of the online medium.\n\n     An example of this would be how researchers use the Internet to publish scientific findings. Gates mentions how over time the breadth of information on the Internet will be enormous to where it will sweep the world as communications costs come down and a critical mass of localized content becomes available in different countries. We at The Society both agree with and are the answer to Gates perspective that for the Internet to thrive, content providers must be paid for their work. We at The Society refuse to settle with his valid point in the article where he states that “the long-term looks good, but expect disappointment in the short-term as content companies struggle to make money through advertising or subscriptions which isn’t working yet”. Gates goes on to talk about how paying for content doesn’t at the moment does not work well because it’s not practical to charge small amounts. He goes on to mention us and our role when stating within a year mechanisms will be in place that allow content providers to charge minimal amounts for information. He finalizes by saying that this technology will liberate publishers to charge small amounts of money, in the hope of attracting wide audiences and that those who succeed will propel the Internet forward as a marketplace of content.\n\n \n\n \n\nWe recommend reading the full article available below:\n\n \nhttps://medium.com/@HeathEvans/content-is-king-essay-by-bill-gates-1996-df74552f80d9",
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      "body": "![Unknown-1.jpeg](https://cdn.steemitimages.com/DQmNuASiveVb7wYLyaZkM7gTptBM9YAEDsKAm2oJM5hEbKz/Unknown-1.jpeg)\n\n     According to Bitcoinist powerful new legislation is upon us that can and will influence ICOs, cryptocurrencies, and investor function. Legislation consists of GDPR (Global Data Protection Regulation) scheduled for March which entails new rules/fines regarding personal information acquisition and storage in terms of liability and privacy laws which are designed to provide additional layers of security for investors. For example, a minimum $20 Million Euro fine for improper storing/acquiring personal data of any European Union citizen.\n\n     Other legislation discussed was House Bill HR1585, proposed to advance the efforts to democratize financial markets and allow new classifications for example Technical Investor status for investors to invest at their discretion in any project where their expertise was deemed relevant.\n\n     Also mentioned was House Bill S1241 which is mostly bad news due to its consequential enforcement of fines  for example 5 years in federal prison and fines that can double if the offending entity’s project transacts over $1M USD which is every successful ICO up until this point, this would affect token issuers and investors alike.\n\n     Lastly the SEC is said to be working on implementing Conveyor Belt Enforcement on many ICO’s which is an enforcement method utilizing a Cyber Unit. This method is designed for extreme cases of broad disregard for laws and acts to target violations involving distributed ledger technology and initial coin offerings involving both ICO issuers and their advisors/consultants when it comes to enforcement like lawsuits, fines, and prison time.  \n\n\nWe at The Society recommend reading the full article available below:\n\nhttp://bitcoinist.com/a-look-ahead-at-crypto-compliance-and-regulation-in-2018/\n\nMore on our startup 'The Society' Below:\n\nSociety.io\n\n@SocietyStreams\n\nFollow us on Telegram at Https://t.me/jointhesociety",
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      "title": "FACEBOOK AND GOOGLE CRITICISED BY GEORGE SOROS BY JOE MILLER (BBC NEWS, 1/25/18)",
      "body": "At his annual dinner at the World Economic Forum in Davos, George Soros a holocaust surviving successful hedge fund manager born in Hungary spoke on how this current moment in history to him is painful due to lost freedom of mind caused by companies like Facebook and Google which to him are tech monopolies. These monopolies as well as Donald Trump are both threatening democracy around the world according to Soros.\n\n     ![Unknown-2.jpeg](https://steemitimages.com/DQmUfLXXW3cpBVEMXAypQma9DF6G2APAjEuq4icA8c6Nyyz/Unknown-2.jpeg)We at The Society value Soros’s criticisms of Google and Facebook in this article because he is famous for having bet on the devaluation of the pound in 1992, just like we are currently betting on the devaluation of centralized information and these tech monopolies. It is truly flabbergasting that a holocaust survivor like Mr Soros believes social media platforms are obstacles to innovation due to their power to shape people's attentions however, he is not alone in thinking so.\n\n     Soros goes on saying predictions like Google and Facebook’s days were numbered due to tax policy and regulation, Donald Trump will be gone by 2020, social media will continue to have far-reaching political consequences like Donald Trump, and lastly that the European Union and Margrethe Vestager will be the social media companies nemesis in the coming future. Some more about the EU and Vestager is that the EU has no internet giants of its own and Vestager is known for going after US tech giants like Apple, Amazon, Google etc.\n\n     We at The Society find it is important to share that according to BBC news Facebook declined to comment on this article and Google did not immediately return a request for comment because we believe it says a lot about them. The biggest takeaway from this amazing article was \"Internet monopolies have neither the will nor the inclination to protect society against the consequences of their actions,\" which will in turn lead to Societies in crisis.\n\n \nreading the full article available here\n\nhttp://www.bbc.com/news/business-42856915",
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