Gary Gensler’s Vote Tips the Scales in Favor of Spot Bitcoin ETF Approvals

The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, played a pivotal role in the landmark decision to approve 11 spot bitcoin exchange-traded funds (ETFs) through his deciding vote. Prior to the approvals, the SEC held a vote on spot bitcoin ETFs, with two commissioners in favor and two opposing. Gensler's vote ultimately tipped the scales in favor of approval.

Final Votes on Rule Changes

Before granting approval for spot bitcoin exchange-traded funds (ETFs) on Wednesday, the U.S. Securities and Exchange Commission (SEC) conducted final votes on the rule changes proposed by NYSE Arca, Nasdaq, and Cboe BZX to list and trade these funds.

Two SEC commissioners, Hester Peirce and Mark Uyeda, voted in favor of approval, while Caroline Crenshaw and Jaime Lizárraga opposed it. The vote resulted in a split decision of 2-2, with Gary Gensler's vote serving as the deciding factor in favor of approving spot bitcoin ETFs. Bloomberg analyst James Seyffart highlighted this detail, stating, "For those that missed this detail yesterday in the frenzy, Gensler was the deciding vote to get the bitcoin ETF over the line with a 3-2 vote."

Approval and Listing of Spot Bitcoin ETFs

Following the voting session, the SEC approved the listing and trading of 11 spot bitcoin ETFs on NYSE Arca, Nasdaq, and Cboe BZX exchanges. These funds officially began trading on Thursday morning.

The approved spot bitcoin ETFs include ARK 21shares Bitcoin ETF (ARKB), Fidelity Wise Origin Bitcoin Fund (FBTC), Franklin Bitcoin ETF (EZBC), Invesco Galaxy Bitcoin ETF (BTCO), Vaneck Bitcoin Trust (HODL), Wisdomtree Bitcoin Fund (BTCW), Bitwise Bitcoin Trust (BITB), Ishares Bitcoin Trust (IBIT), Valkyrie Bitcoin Fund (BRRR), Hashdex Bitcoin ETF (DEFI), and Grayscale Bitcoin Trust (GBTC).

Gensler's Clarification and Investor Warning

Despite voting in favor of approving spot bitcoin ETFs, Chairman Gensler issued a statement clarifying that the approval does not signify the Commission's endorsement of bitcoin. He also continued to caution investors about the risks associated with investing in crypto assets. Gensler maintains his view that most crypto tokens should be classified as securities.

What are your thoughts on SEC Chairman Gary Gensler's role as the deciding vote in the approval of 11 spot bitcoin ETFs? Share your opinions in the comments section below.

Frequently Asked Questions

Are gold- and silver-IRAs a good idea.

This could be a great opportunity for those who want to easily invest in both gold or silver simultaneously. There are many other options. You can contact us at any time with questions about these types investments. We are always here to help!

Is it possible to hold precious metals in an IRA

The answer depends on whether or not the IRA owner is looking to diversify his holdings in gold and silver, or to keep them for safekeeping.

He has two options if he wishes to diversify. He could buy physical bars of gold and/or silver from a dealer or sell these items back to the dealer at the end of the year. He doesn't wish to sell any of his precious metal investments. In this case, he should hold onto the investments as they are perfect for storing inside an IRA account.

What type of IRA is used for precious metals?

A Individual Retirement Account (IRA), is an investment vehicle offered by most financial institutions and employers. An IRA lets you contribute money that will grow tax-deferred to the time it is withdrawn.

An IRA allows you to save taxes and pay them later when you retire. This means that you can deposit more money into your retirement plan than have to pay taxes on it tomorrow.

An IRA is a tax-free way to make contributions and earn income until you withdraw the funds. When you do, there are penalties for early withdrawal.

Additional contributions can be made to your IRA even after you turn 50, without any penalty. If you choose to take withdrawals from your IRA during retirement, you'll owe income taxes and a 10% federal penalty.

Withdrawals that are made prior to the age of 60 1/2 are subjected to a 5% IRS tax penalty. A 3.4% IRS penalty is applicable to withdrawals made between the ages of 59 1/2 and 701/2.

The IRS will penalize withdrawals of more than $10,000 annually.

What is the best precious metal to invest in?

Gold is an investment that offers high returns on its capital. It protects against inflation, as well as other risks. The price of gold tends to rise as people become concerned about inflation.

It's a good idea to purchase gold futures. These contracts guarantee that you will receive certain amounts of gold at a given price.

However, futures on gold aren't for everyone. Some prefer to have physical gold.

They can trade their precious metals with others. They can also easily sell it whenever they like.

Some people want to avoid paying tax on their gold. People buy gold directly from the government in order to avoid paying taxes.

You will need to visit several post offices to complete this process. You will first need to convert any existing gold in coins or bars.

Next, you will need to stamp the coins or bars. Finally, send them off to the US Mint. They will then melt down the bars and coins to create new coins.

The original stamps are used to stamp the new coins and bars. They are therefore legal tender.

But if you buy gold directly from the US Mint, you won't have to pay taxes.

Decide which precious metal you would like to invest.

How to open a Precious Metal IRA

You can open an IRA in precious metals by opening a Roth Individual Retirement Account (IRA), which you can self-direct.

This account is more advantageous than other types of IRAs, because you don’t have to pay taxes on any interest earned from your investments until they are withdrawn.

People who are looking to save money and still need a tax break will find it attractive.

There are many other options than investing in gold and silver. You can invest in whatever you like, provided it conforms to IRS guidelines.

While most people associate precious metals with silver and gold, there are many types of precious metals.

There are many examples: palladium; platinum; rhodium; osmium; iridium; ruthenium.

There are many ways that you can invest precious metals. The two most popular options include buying bullion coins and bars and purchasing shares of mining companies.

Bullion Coins, Bars

The easiest way to invest in precious materials is to buy bullion coins or bars. Bullion can be used to refer to the physical ounces or gold or silver.

You get actual bullion bars and coins when you purchase bullion coins.

You might not notice any changes in your pocket when you buy bullion coins or bars from a store but you will see some benefits over the long-term.

You will receive a tangible piece if history, for example. Every coin and every bar has a unique story.

You'll often find that the face value of a coin is far lower than its nominal value. In 1986, the American Eagle Silver Coin was $1.00 per ounce. However, today, an American Eagle Silver Coin is more than $40.00 per Ounce.

Bullion's price has risen dramatically since its inception, so many investors would rather invest in bullion coins than futures.

Mining Companies

A great way to get precious metals is by investing in shares in mining companies. When you invest in mining businesses, you are investing in their ability to produce silver and gold.

You will then be entitled to dividends which are based upon the company’s profit. These dividends can then be used to pay out shareholders.

The company's growth potential will also be of benefit to you. The share prices of the company should rise as more people buy the product.

It is crucial to diversify your portfolio because these stocks are subject to price fluctuations. This allows you to spread your risk among multiple companies.

But, remember that mining companies, like all stock market investments, are susceptible to financial loss.

Your ownership stake could become worthless if the price of gold falls significantly.

The Bottom Line

Precious metals like gold and silver can provide safety during economic uncertainty.

However, both gold and silver are subject to wild swings in price. If you are interested in long-term investing in precious metals, open a precious Metals IRA account at a reputable firm.

You can enjoy tax benefits while still owning tangible assets.

What are some of the advantages and disadvantages to a gold IRA

If you want to diversify your holdings but aren't able to access traditional banks services, a gold IRA is a great option. It allows you to invest in precious metals such as gold, silver, and platinum without paying taxes on any gains until they're withdrawn from the account.

There is a downside to this: if you withdraw your earnings early, you'll be subject to normal income tax. The funds are not located in the country and can be easily seized by creditors if your loan defaults.

So if you like owning gold without worrying about taxes, a gold IRA may be right for you.

What precious metals do you have that you can invest in for your retirement?

First, you need to understand what you have and where you are spending your money. If you don't know how much you currently have saved, start by taking an inventory of everything you own. This should include any savings accounts, stocks, bonds, mutual funds, certificates of deposit (CDs), life insurance policies, annuities, 401(k) plans, real estate investments, and other assets such as precious metals. You can then add up all these items to determine the amount of investment you have.

If you are less than 59 1/2 years of age, you may be interested in opening a Roth IRA. A Roth IRA is not able to allow contributions to be deducted from your taxable earnings, but a traditional IRA can. But, future earnings won't allow you to take tax deductions.

If you decide that you need more money you'll need another investment account. Start with a regular broker account.

Statistics

• The maximum yearly contribution to an individual's IRAs is currently $6,000 ($7,000 for those 50 years or older), or 100% of earned income, whichever is less. (monex.com)
• You can only purchase gold bars of at least 99.5% purity. (forbes.com)
• Same tax rules as traditional IRA SEP IRA contributions in 2022 are limited to 25% of compensation or $66,000, whichever is less Before setting up a Silver IRA, understand the fees and IRS restrictions. (sltrib.com)
• SEP-IRA”Simplified employee pension” For self-employed people like independent contractors, freelancers, and small-business ownersSame tax rules as traditional IRASEP IRA contributions in 2022 are limited to 25% of compensation or $66,000, whichever is less4. (sltrib.com)

External Links

forbes.com

• Gold IRA, Add Some Sparkle to Your Retirement Nest egg
  
• Understanding China's Evergrande Crisis – Forbes Advisor
  

takemetothesite.com

• Protect and Secure Your Retirement Savings Now!
  

wsj.com

• Are You Looking to Keep Gold in an IRA at Home? It's Not Exactly Legal
  

regalassets.com

• Regal Assets – America’s Top Provider of Alternative Assets For Retirement Accounts
  

How To

Precious metals approved by the IRA

IRA-approved metals are great investments. Various options can help diversify your portfolio and protect against inflation from gold bars to silver coins.

Precious metal investments products can be purchased in two forms. Physical assets such as coins and bars are called physical bullion because they can be physically accessed. Exchange-traded funds (ETFs), on the other side, are financial instruments which track the price movements for an underlying asset like gold. ETFs can be purchased directly from the company issuing them, and trade in the same way as stocks on stock exchanges.

There are various types of precious metals available for purchase. While gold and silver are used in jewelry making and decoration, platinum and palladium are most commonly associated with luxury products. Palladium is more stable than platinum and therefore better suited for industrial purposes. Although silver is useful for industrial purposes it is preferred for decorative uses.

Due to the higher cost of mining and refining materials, physical bullion items tend to be more expensive. However, they are generally safer than paper currencies and provide buyers with greater security. Consumers may lose faith in the currency and seek out alternatives if the U.S. dollar falls in purchasing power. However, physical bullion products don't rely on trust between nations or companies. Instead, they are backed by governments and central banks, giving customers peace of mind.

Gold prices fluctuate based on supply and demand. Demand rises, and the price goes up. On the other hand, supply falls when demand exceeds demand. Investors have the opportunity to profit by fluctuations in gold's price. Physical bullion investors benefit because they have a greater return on their capital.

Contrary to traditional investments, precious metals can not be affected by economic recessions and interest rate changes. The price of gold is likely to continue rising as long the demand for it remains strong. In times of uncertainty, precious metals can be considered safe havens.

The most widely used precious metals include:

• Gold – Gold is the oldest type of precious metal and is often called “yellow metal.” Gold is a common name, but it's a rare element that can be found underground. Most of the gold reserves in the world are located in South Africa.
• Silver – Silver is the second most valuable precious metal after gold. Like gold, silver is mined from natural deposits. However, silver is usually extracted from ore and not from rock formations. Because of its durability and malleability, as well as resistance to tarnishing, silver is widely used in commerce and industry. Over 98% of global silver production is produced in the United States.
• Platinum – The third most valuable precious metallic is platinum. It has many industrial uses, including catalytic converters, fuel cells, and high-end medical equipment. Dental crowns, bridges, and fillings can also be made from platinum.
• Palladium – Palladium ranks fourth in the list of most valuable precious metals. Because of its strength as well as stability, its popularity is increasing rapidly among manufacturers. Palladium is also used for electronics, aerospace, military technology and automobiles.
• Rhodium – Rhodium is the fifth most valuable precious metal. Rhodium, although it is rare, is highly sought after for its use in automotive catalysts.
• Ruthenium, the sixth most precious precious metal, is Ruthenium. Although palladium is scarce and platinum is rare, there are plenty of ruthenium. It is used in steelmaking, chemical manufacturing, and engine design.
• Iridium – Iridium ranks seventh in the list of most valuable precious metals. Iridium is a key component in satellite technology. It is used to construct orbiting satellites that transmit television signals, telephone calls, and other communications.
• Osmium: Osmium is eighth most valuable precious metallic. Osmium is commonly used in nuclear reactors because of its ability to withstand extreme temperatures. It's also used in jewelry, medicine and cutting tools.
• Rhenium: Rhenium ranks as the ninth-most valuable precious metal. Rhenium can also be used in rocketry, oil refinement, and semiconductor manufacturing.
• Iodine- Iodine ranks as the tenth most precious precious metal. Iodine's uses include radiography, photography and pharmaceuticals.

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