Luetkemeyer’s Exit Sets Up Potentially Crypto-Friendly Turn in House Banking Committee

Rep. Blaine Luetkemeyer's retirement at the end of 2024 presents an opportunity for a new era in cryptocurrency regulation, with Rep. French Hill (R-Ark.) positioned to lead the charge in the House Financial Services Committee.

Shift in House Financial Services Committee Leadership Could Lead to More Progressive Crypto Legislation

In a move that could impact the future of cryptocurrency regulation, U.S. Rep. Blaine Luetkemeyer (R-Mo.) announced his retirement at the end of 2024. This decision opens the door for a potentially crypto-friendly chairmanship of the House Financial Services Committee, following the departure of the current chair, Patrick McHenry, in early 2025 when his term ends.

Luetkemeyer, who currently serves on the House Financial Services Committee, had expressed interest in running for McHenry's chairmanship. However, his retirement creates an opportunity for Rep. French Hill (R-Ark.), known for leading the committee's digital assets panel and his involvement in crypto-related legislation, particularly concerning stablecoins. Hill, the vice-chairman of the House Financial Services Committee, has stated his intent to bring two crypto regulation bills to the floor and pass them in early 2024.

Ron Hammond, Director of Government Relations at the Blockchain Association, highlighted Hill's bipartisan approach and his focus on cryptocurrency. While Luetkemeyer was not against crypto, Hammond believes that it would not have been a high priority under his chairmanship, unlike under Hill or McHenry.

Rep. Hill genuinely believes in crypto as a new viable asset class and recognizes its importance in the future. In an interview with Forbes, when asked about the significance of upcoming crypto-specific legislation, he stated:

"I think it says that members of Congress recognize that Web3 innovation, blockchain innovation, the earliest stage of innovation here is growing; that there's a demand among institutional investors and consumers. If we don't facilitate that framework, then you're going to see that engagement move offshore."

As Luetkemeyer and McHenry step down, the GOP Steering Committee will consider various factors, including legislative performance and fundraising capabilities, to decide on their replacements in 2025.

Potential Candidates for House Financial Services Chair Position

Rep. Hill is considered a top contender for the House Financial Services chair position. Other potential candidates include Rep. Bill Huizenga (R-Mich.) and Rep. Andy Barr (R-Ky.), with their chances dependent on the Republicans retaining control of the House after the upcoming elections.

What are your thoughts on whether more US politicians will warm up to crypto? Share your opinions in the comments section below.

Frequently Asked Questions

How do you choose an IRA.

The first step to finding an IRA for you is understanding your account type. This includes whether you are looking for a traditional IRA or Roth IRA. You should also know how much money your have available to invest.

The next step is to choose the best provider for you. While some providers offer both accounts, others specialize in only one.

Consider the fees that come with each option. Fees can vary greatly between providers, and may include annual maintenance charges and other fees. For example, some providers charge a monthly fee based on the number of shares you own. Others will only charge once a quarter.

What precious metals are allowed in IRA?

The most commonly used precious metal in IRA accounts is, of course, gold. Also available as investments are bars and bullion gold coins.

Precious metals are considered safe investments because they don't lose value over time. They are also an excellent way to diversify your investment portfolio.

Precious metals are silver, palladium, and platinum. These metals share similar properties. Each has its own purpose.

One example is platinum, which is used to create jewelry. To create catalysts, palladium is used. For producing coins, silver is used.

Think about how much you can afford to purchase your gold, before you make a decision on the precious metal. A lower-cost ounce of gold might be a better option.

You should also think about whether you want to keep your investment private. If you have the desire to keep your investment private, palladium might be the best choice.

Palladium is worth more than gold. It is also more rare. You'll probably have to pay more.

Storage fees are another important consideration when choosing between silver and gold. Gold is stored by weight. You will pay more if you store larger amounts.

Silver is stored according to its volume. You'll pay less if you store smaller quantities of silver.

You should follow all IRS rules if you plan to store precious metals in an IRA. This includes keeping records of transactions and reporting them back to the IRS.

How to Open a Precious Metal IRA

It is best to open an IRA with precious metals through a Roth Individual Retirement Account.

This type account is better than others because you don’t have any tax on the interest that you earn from investments until you remove them.

It is attractive for people who want to save money, but need a tax break.

You do not have to only invest in gold and silver. You can put your money in almost any item that meets the IRS guidelines.

Many people think only of silver and gold when they hear the word “precious metallic” but there are other types.

These include palladium, platinum, rhodium,osmium,iridium, andruthenium.

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 or Bars

Buying bullion coins and bars is one of the easiest ways to invest in precious metals. Bullion is a general term that describes physical ounces, or physical gold and silver.

When you buy bullion coins and bars, you receive actual pieces of the metal itself.

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. Each coin and bar is unique.

If you compare the nominal value to face value, you will often find that it is worth much less than its nominal. For example, the American Eagle Silver Coin was only $1.00 per ounce when it was introduced in 1986. Today, however, the price of an American eagle is closer to $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

Another option for people who are interested in buying precious metals is to invest in shares of mining corporations. You invest in the company's ability produce gold and silver when you buy shares of mining companies.

You will get dividends based off the company's profits in return. These dividends will be used to pay shareholders.

In addition, you will benefit from the growth potential of the company. The company's share prices should also increase as demand increases for the product.

Because these stocks fluctuate in price, it's important to diversify your portfolio. This means you can spread your risk to multiple companies.

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

Your share of ownership may be worthless if gold prices fall significantly.

The bottom line

Precious metals, such as silver and gold, can be a refuge during economic uncertainty.

Gold and silver can fluctuate in price. You might be interested in long-term investments in precious metals. Consider opening a precious metals IRA with a reputable company.

By doing this, you can reap the tax benefits and still have physical assets.

Which is stronger, 14k or sterling gold?

Although gold and silver can be strong metals, sterling silver is far less expensive as it contains 92% silver instead of 24%.

Sterling silver, also known as fine or sterling silver, is made of a combination of silver and other metals like copper and zinc.

The strength of gold is generally very high. It can only be broken apart by extreme pressure. If you were to drop an object on top of a piece of gold, it would shatter into thousands of pieces instead of breaking into two halves.

However, silver isn't as strong and durable as gold. If you dropped an item onto a sheet of silver, it would probably bend and fold without shattering.

Silver is often used to make jewelry and coins. Therefore, its value tends to fluctuate based on supply and demand.

Can I store my gold IRA in my home?

An online brokerage account is the best option to protect your investment funds. You have all the investment options you'd get if you had a traditional broker. However, you don't require any licenses or qualifications. You won't pay fees to invest.

A lot of online brokers offer tools for managing your portfolio. You can even download charts to view the performance of your investments.

How Much of Your IRA Should Include Precious Metals?

Protect yourself against inflation by investing in precious metals like gold and silver. It's more than just an investment in retirement. It also prepares you for any economic downturn.

Gold and silver prices have increased significantly over the past few years, but they are still considered safe investments because they don't fluctuate as much as stocks do. Plus, there's always a demand for these materials.

Gold and silver prices are usually stable and predictable. They tend to rise during economic growth and drop during recessions. This makes them excellent money-savers, and long-term investment options.

Ten percent should go into precious metals. This percentage can be increased if your portfolio is more diverse.


  • 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. (
  • 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. (
  • To qualify as IRA allowable precious metals and be accepted by STRATA, the following minimum fineness requirements must be met: Gold must be 99.5% pure, silver must be 99.9% pure, and platinum and palladium must both be 99.95% pure. (
  • 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. (

External Links

How To

How To Buy Gold For Your Gold IRA

Precious metal is used to describe precious metals such as gold, silver (excluding helium), palladium, palladium or osmium), ruthenium, rose, rhenium, ruthenium and others. It is any element that has atomic numbers between 79 and 110 (excluding Helium), and which is valued because of its beauty and rarity. The most common precious metals are gold and silver. Precious Metals are often used for money, jewelry and industrial goods.

Supply and demand affect the gold price daily. The demand for precious materials has increased dramatically over the last decade as investors seek to find safe havens in volatile economies. This increased demand has caused prices to rise significantly. Some are concerned about the increased cost of production and have resisted investing in precious materials.

Gold is a solid investment as it is both rare and long-lasting. Gold never loses its value, unlike other investments. Plus, you can buy and sell gold without paying taxes on your profits. There are two ways that you can invest your gold. You have two options: you can buy gold bars and coins, or you can invest in futures contracts.

Physical gold coins and bars provide immediate liquidity. They're easy to trade and store. They do not offer any protection against inflation. If you want to protect yourself from rising prices, consider purchasing gold bullion. Bullion is physical gold, which comes in many sizes and shapes. Bullion comes in a variety of sizes, including kilo bars and one-ounce pieces. Bullion is usually stored in vaults protected from theft and fire.

You might prefer to own shares of gold than actual gold. If so, then you should look into buying futures gold. Futures let you speculate about how gold's price might change. You can expose yourself to the price of gold by buying gold futures without having to own the physical commodity.

For instance, if my goal was to speculate on the movement of the gold price, I could purchase a contract. My position when the contract expires is either “long”, or “short”. A long contract indicates that I believe the price for gold will rise. Therefore, I'm willing give money to someone now in exchange of the promise that I will get more money after the contract ends. A short contract, on the other hand, means I believe the price of gold is going to drop. So, I'm willing to take the money now in exchange for the promise that I'll make less money later.

I will receive the amount of gold in the contract, plus interest, when the contract ends. This way I have exposure to the gold's price without having to actually hold it.

Precious metals can be a great investment because they are very hard to counterfeit. While paper currency can be easily counterfeited simply by printing new notes, precious metals cannot. This is why precious metals have always held their value well over time.


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