Outrage in the Crypto Industry
The U.S. Department of Justice (DOJ) has opted not to proceed with a second trial against Sam Bankman-Fried (SBF), the disgraced founder of FTX. This decision has sparked outrage within the crypto industry, with Coinbase, a prominent crypto exchange, labeling it a "miscarriage of justice."
A Controversial Move
The decision to drop the second trial, which was originally scheduled for March, pertained to additional criminal charges, including campaign finance allegations, against Bankman-Fried. This move has raised eyebrows and led to questions regarding potential political motivations.
Coinbase's Chief Legal Officer Speaks Out
Coinbase's chief legal officer, Paul Grewal, expressed his disappointment with the DOJ's decision in a series of social media posts. He stated, "I think it's a mistake" and emphasized the importance of addressing campaign finance charges in the public interest. Grewal further criticized the timing of the announcement, suggesting that the decision was intentionally buried under the cover of a holiday weekend to avoid scrutiny.
Public Backlash on Social Media
The DOJ's decision has generated significant backlash on social media platforms, with many individuals expressing their outrage and disgust. Some users accused the DOJ of corruption, highlighting the alleged connection between FTX's campaign contributions and the dropping of campaign finance charges. The sentiment among these individuals is that the decision was influenced by political considerations and a desire to protect certain individuals.
A Lawyer's Perspective
Lawyer John Deaton raised thought-provoking questions and voiced his skepticism regarding the timing of the decision. He drew attention to the fact that during the fraud trial, a witness testified that SBF had donated $10 million to the Biden administration with the intention of securing access. Deaton argued that the dropped charges would have implicated individuals within the Democratic Party and potentially exposed deeper corruption within the government.
The DOJ's decision not to pursue a second trial against Sam Bankman-Fried has ignited controversy and raised concerns about the integrity of the legal system. The crypto industry and the public at large will be closely watching the implications of this decision and questioning the motivations behind it.
What are your thoughts on the DOJ's decision? Share your opinions in the comments section below.
Frequently Asked Questions
Are you able to keep precious metals in your IRA?
This depends on the IRA's owner's desire to diversify or keep his holdings in silver and gold.
Two options are available for him if diversification is something he desires. 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. Imagine he doesn't desire to sell off his precious metals investments. In this case, he should hold onto the investments as they are perfect for storing inside an IRA account.
What is the best way to make money with a gold IRA?
Yes, but it's not as simple as you think. It all depends on your willingness to take on risk. You could have $1 million if you're willing to invest $10,000 each year for 20 years. But if you put all your eggs in one basket, you'll lose everything.
Diversify your investments. Inflation can make gold perform well. You want to invest in an asset class that rises along with inflation. Stocks do this well because they rise when companies increase profits. Bonds also do this well. They pay interest every year. They are great during economic growth.
But what happens if inflation is not present? In times of deflation, stocks are more valuable than bonds. This is why investors should avoid putting all their savings into one investment, such as a bond or stock mutual fund.
They should instead invest in a combination of different types of funds. They could also invest in bonds and stocks. They could also invest both in bonds and cash.
This gives them exposure to both sides. They can see both the inflation and the deflation sides of the coin. They will continue to see a rise over time.
What are the 3 types IRAs?
There are three basic types for IRAs. There are three types of IRAs: Roth, Traditional, and SEP. Each has its own advantages and disadvantages. Each one will be discussed below.
Traditional Individual Retirement Account (IRA)
A traditional IRA allows pre-tax money to be contributed to an account. This allows you to earn interest and defer taxes. The account can be withdrawn tax-free once you are retired.
Roth IRAs allow you after-tax dollars to be deposited into an account. Any earnings will grow tax-free. Withdrawals from the account are also tax-free when you withdraw funds for retirement purposes.
This is similar to a Roth IRA, except that it requires employees to make additional contributions. The additional contributions are subject to tax, but earnings accrue tax-deferred. The entire amount can be converted to a Roth IRA if you are leaving the company.
What precious metals can you invest in for retirement?
Knowing what you have saved so far and where you plan to save money in the future is the first step towards retirement planning. To find out how much money you have, take a inventory of everything that 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 between 59 and 59 1/2 years, you might consider opening a Roth IRA. While a Roth IRA does not allow you to deduct contributions from taxable income, a traditional IRA allows for that. However, you will not be able take tax deductions on future earnings.
You may need additional money if you decide you want more. Start with a regular broker account.
Can I invest in gold?
Yes! It is possible to add gold to your retirement plans. Because gold doesn't lose its value over time, it is an excellent investment. It is also immune to inflation. It also protects against inflation.
Before investing in gold, you need to know that it's not like other investments. Unlike stocks or bonds, you can't buy shares of gold companies. Nor can you sell them.
You must instead convert your gold into cash. This means that you'll have to get rid of it. It's not enough to hold on to it.
This makes gold different than other investments. With other investments, you can always sell them later. However, gold is different.
Even worse, you can't use the gold as collateral for loans. To cover a mortgage, you may need to give up some gold.
So what does this mean? You can't keep your gold indefinitely. You'll have to turn it into cash at some point.
However, there is no need to panic about it. You only need to open an IRA account. Then you can invest your money in gold.
- Silver must be 99.9% pure • (forbes.com)
- The IRS also allows American Eagle coins, even though they do not meet gold's 99.5% purity standard. (forbes.com)
- If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal so that you would owe income tax on the item's value and, if you are younger than 59 ½, an additional 10% early withdrawal penalty. (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)
- Gold IRA, Add Some Sparkle to Your Retirement Nest egg
- Understanding China's Evergrande Crisis – Forbes Advisor
How to Open a Precious Metal IRA
Precious metals are a highly sought-after investment vehicle. Precious metals have a higher return than traditional investments like bonds or stocks, which is why they are so sought-after. However, precious metals investing requires careful planning and research. Here's how to open a precious-metal IRA account.
There are two main types for precious metal accounts: paper gold and Silver certificates (GSCs), and physical precious Metals accounts. Each type has its advantages and disadvantages. GSCs offer easy access and trade, while physical precious metals accounts provide diversification benefits. Keep reading to find out more about these options.
Physical precious Metals accounts consist of bullion, bullion, and bars. This option is great for diversification, but it has its drawbacks. You will need to pay a lot of money for precious metals, whether you are buying, selling, or storing them. They can also be very difficult to transport due to their large size.
However, paper silver and gold certificates are relatively cheap. They are also easily available and can be traded online. These make them ideal for people who don’t want to invest directly in precious metals. But they don't offer as much diversification as their physical counterparts. These assets are also supported by government agencies, such as the U.S. Mint. Inflation rates could cause their value to drop.
When opening a precious metallic IRA, make sure to choose the right account for you and your financial situation. Consider the following:
- Your tolerance level
- Your preferred asset allocation strategy
- How much time do you have to invest
- Whether or not you plan on using the funds for short-term trading purposes
- What type of tax treatment do YOU prefer?
- Which precious metal(s), you would like to invest in
- How liquid is your portfolio?
- Your retirement age
- Where will you store your precious metals?
- Your income level
- Your current savings rates
- Your future goals
- Your net worth
- Any other special circumstances that may impact your decision
- Your overall financial picture
- Your preference between physical and paper assets
- Your willingness to take risks
- Your ability to handle losses
- Your budget constraints
- You desire to be financially independent
- Your investment experience
- Your familiarity with precious metals
- Your knowledge about precious metals
- Your confidence in economy
- Your personal preferences
After you have determined the type of precious metal IRA that best suits you, you can open an account with a reputable dealer. These companies can be found through word of mouth, referrals and online research.
After you have opened your precious metal IRA account, you will need to decide how much money to put in it. Every precious metal IRA account will have a different minimum initial deposit amount. Some require only $100, while others will allow you to invest up to $50,000.
As you can see, your precious metal IRA IRA investment amount is completely up to the individual. A larger initial deposit is better if you are looking to build wealth over a longer period of time. However, a smaller initial deposit might work for you if your goal is to invest less money each month.
There are many types of investments that can be purchased, as well as precious metals you can use in your IRA. The most common include:
- Gold – Bullion bars, rounds, and coins
- Silver – Rounds and coins
- Platinum – Coins
- Palladium – Bar and round forms
- Mercury – Round and bar forms
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