Outrage in the Crypto Industry
The decision by the U.S. Department of Justice (DOJ) to not pursue a second trial against disgraced FTX founder Sam Bankman-Fried (SBF) has caused outrage in the crypto industry. Crypto exchange Coinbase has called this decision a "miscarriage of justice."
Coinbase's Chief Legal Officer Speaks Out
Coinbase's chief legal officer, Paul Grewal, shared his thoughts on social media regarding the DOJ's decision. He believes that it is a mistake and a miscarriage of justice. Grewal emphasizes the importance of a public airing of charges, particularly campaign finance charges, as they raise critical questions about what politicians and others knew and when.
Grewal also criticizes the timing of the announcement, stating that releasing it on a Friday night before a holiday only fuels public cynicism about the politics involved. He expresses his disappointment, calling it a "damn shame."
Public Backlash and Accusations of Corruption
Many people have taken to social media to express their outrage over the DOJ's decision. It has been described as outrageous, sickening, and disgusting. Some have even accused the DOJ of absolute corruption.
One user on social media points out the alleged corruption, highlighting that FTX made significant contributions to Democrat campaign accounts. They believe that the DOJ intentionally separated the campaign finance charges from the fraud trial to avoid implicating too many Democrats and Republicans in Name Only (RINOs).
Lawyer Raises Suspicion
Lawyer John Deaton questions the timing of the case being dropped in an election year. He points out that during the fraud trial, it was testified that SBF gave the Biden administration $10 million to "buy access." Deaton also notes that SBF had personal meetings with U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler and SEC staff. He criticizes the DOJ, stating that it has become a joke.
What's Your Opinion?
What do you think about the DOJ's decision not to pursue a second trial against Sam Bankman-Fried? Share your thoughts in the comments section below.
Frequently Asked Questions
Can I hold a gold ETF in a Roth IRA?
While a 401k may not offer this option for you, it is worth considering other options, such an Individual Retirement Plan (IRA).
An IRA traditional allows both employees and employers to contribute. Another way to invest in publicly traded companies is through an Employee Stock Ownership Plan.
An ESOP is a tax-saving tool because employees have a share of company stock as well as the profits that the business generates. The money you invest in the ESOP will be taxed at a lower rate than if it were directly held by the employee.
A Individual Retirement Annuity (IRA), is also available. An IRA lets you make regular, income-generating payments to yourself over your life. Contributions to IRAs will not be taxed
Should You Invest in Gold for Retirement?
It depends on how much you have saved and if gold was available at the time you started saving. You can invest in both options if you aren't sure which option is best for you.
You can earn potential returns on your investment of gold. It's a great investment for retirees.
While most investments offer fixed rates of return, gold tends to fluctuate. Its value fluctuates over time.
This doesn't mean that you should not invest in gold. It just means that you need to factor in fluctuations to your overall portfolio.
Another benefit to gold is its tangible value. Gold can be stored more easily than stocks and bonds. It's also portable.
You can always access your gold if it is stored in a secure place. Plus, there are no storage fees associated with holding physical gold.
Investing in gold can help protect against inflation. You can hedge against rising costs by investing in gold, which tends to rise alongside other commodities.
It's also a good idea to have a portion your savings invested in something which isn't losing value. Gold usually rises when the stock market falls.
Investing in gold has another advantage: you can sell it anytime you want. You can easily liquidate your investment, just as with stocks. You don’t even need to wait until retirement to liquidate your position.
If you do decide to invest in gold, make sure to diversify your holdings. Don't put all of your eggs in one basket.
Do not buy too much at one time. Start with a few ounces. Then add more as needed.
It's not about getting rich fast. It is to create enough wealth that you no longer have to depend on Social Security.
Even though gold is not the best investment, it could be an excellent addition to any retirement plan.
What is a gold IRA account?
The Gold Ira Accounts are tax-free investment options for those who want to make investments in precious metals.
You can purchase gold bullion coins in physical form at any moment. To invest in gold, you don't need to wait for retirement.
The beauty of owning gold as an IRA is you can hold on to it forever. You won't have to pay taxes on your gold investments when you die.
Your heirs will inherit your gold, and not pay capital gains taxes. It is not required that you include your gold in the final estate report because it remains outside your estate.
To open a IRA for gold, you must first create an individual retirement plan (IRA). After you do this, you will be granted an IRA custodian. This company acts as a mediator between you, the IRS.
Your gold IRA custodian can handle all paperwork and submit necessary forms to IRS. This includes filing annual returns.
Once you've set up your gold IRA, it's possible to buy gold bullion. The minimum deposit required for gold bullion coins purchase is $1,000 The minimum deposit is $1,000. However, you will receive a higher percentage of interest if your deposit is greater.
Taxes will apply to gold that you take out of an IRA. If you take out the whole amount, you'll be subject to income taxes as well as a 10 percent penalty.
Even if your contribution is small, you might not have to pay any taxes. However, there are exceptions. If you take out 30% of your total IRA assets or more, you will owe federal income taxes and a 20 percent penalty.
You should avoid taking out more than 50% of your total IRA assets yearly. You could end up with severe financial consequences.
How much should precious metals make up your portfolio?
This question can only be answered if we first know what precious metals are. Precious metals refer to elements with a very high value relative other commodities. This makes them valuable in investment and trading. Today, gold is the most commonly traded precious metal.
But, there are other types of precious metals available, including platinum and silver. The price of gold tends to fluctuate but generally stays at a reasonably stable level during periods of economic turmoil. It is also relatively unaffected both by inflation and deflation.
All precious metals prices tend to rise with the overall market. However, they may not always move in synchrony with each other. If the economy is struggling, the gold price tends to rise, while the prices for other precious metals tends to fall. This is because investors expect lower interest rates, making bonds less attractive investments.
Contrary to this, when the economy performs well, the opposite happens. Investors choose safe assets such Treasury Bonds over precious metals. Since these are scarce, they become more expensive and decrease in value.
You must therefore diversify your investments in precious metals to reap the maximum profits. You should also diversify because precious metal prices can fluctuate and it is better to invest in multiple types of precious metals than in one.
What is the benefit of a gold IRA?
The benefits of a gold IRA are many. It's an investment vehicle that lets you diversify your portfolio. You decide how much money is put in each account and when it is withdrawn.
You also have the option to transfer funds from other retirement plans into a IRA. If you are planning to retire early, this makes it easy to transition.
The best thing is that investing in gold IRAs doesn't require any special skills. They are offered by most banks and brokerage companies. You don't have to worry about penalties or fees when withdrawing money.
But there are downsides. Gold is historically volatile. It is important to understand why you are investing in gold. Are you looking for growth or safety? Is it for security or long-term planning? Only after you have this information will you make an informed decision.
You might want to buy more gold if you intend to keep your gold IRA for a long time. One ounce doesn't suffice to cover all your needs. You could need several ounces depending on what you plan to do with your gold.
You don’t necessarily need a lot if you’re looking to sell your gold. You can even manage with one ounce. However, you will not be able buy any other items with those funds.
Statistics
- Contribution limits$6,000 (49 and under) $7,000 (50 and up)$6,000 (49 and under) $7,000 (50 and up)$58,000 or 25% of your annual compensation (whichever is smaller) (lendedu.com)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
External Links
finance.yahoo.com
wsj.com
- Saddam Hussein's InvasionHelped Uncage a Bear In 90 – WSJ
- How do you keep your IRA Gold at Home? It's not exactly legal – WSJ
irs.gov
law.cornell.edu
- 7 U.S. Code SS7 – Designation board of trade as contract marketplaces
- 26 U.S. Code SS 408 – Individual retirement plans
How To
The best way online to buy gold or silver
You must first understand the workings of gold before you can purchase it. Gold is a precious metal similar to platinum. It's rare and often used to make money due its resistance and durability to corrosion. It is difficult to use so people prefer to buy jewelry made from it to gold bars.
There are two types of gold coins available today – one type is legal tender, while the other is called bullion. The legal tender coins are issued for circulation in a country. They usually have denominations such as $1, $5, $10, and so on.
Bullion coins can only be used as investment currency. They increase in value due to inflation.
They aren't circulated in any currency exchange systems. For example, if a person buys $100 worth of gold, he/she gets 100 grams of gold with a value of $100. Every dollar spent on gold purchases, the buyer receives one gram of gold.
The next thing you should know when looking to buy gold is where to do it from. There are several options available if your goal is to purchase gold from a dealer. First off, you can go through your local coin shop. You can also try going through a reputable website like eBay. You may also be interested in buying gold through private sellers online.
Individuals who sell gold at wholesale and retail prices are called private sellers. When selling gold through private sellers, you pay a commission fee of 10% to 15% per transaction. This means that you will get less back from a private seller than if you sell it through a coin shop or on eBay. This option can be a good choice for investing in gold because it allows you to control the price.
An alternative option to buying gold is to buy physical gold. You can store physical gold much more easily than you can with paper certificates. However, it still needs to be safe. Physical gold must be kept safe in an impassible container, such as a vault.
A bank or pawnshop can help you buy gold. A bank can provide you with a loan to cover the amount you wish to invest in gold. Customers can borrow money from pawnshops to purchase items. Banks tend to charge higher interest rates, while pawnshops are typically lower.
The final option is to ask someone to buy your gold! Selling gold is simple too. Contact a company such as GoldMoney.com, and you can set up a simple account and start receiving payments immediately.
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By: Kevin Helms
Title: The U.S. Department of Justice Drops Second Trial Against FTX Founder Sam Bankman-Fried
Sourced From: news.bitcoin.com/dojs-decision-on-sbf-case-outrages-crypto-industry-coinbase-calls-it-miscarriage-of-justice/
Published Date: Sat, 30 Dec 2023 23:30:14 +0000
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