"This summer has been reminiscent of Game of Thrones (aka Game of Coins) where central banks, governments, and private companies are vying to be the next global reserve currency, all caught in the middle of the competing forces of Facebook's Libra and Bitcoin. Regulators are the White Walkers. The future of currency is at stake. The investment landscape is undergoing seismic shifts. Trade and currency wars persist.

With this backdrop, the U.S. Securities and Exchange Commission has issued a “concept release” that seeks input on how to improve its rules regarding the growing market for private offerings, which now exceed public offerings, and whether it should include more investors (i.e. unaccredited by definition).”