Trudeau Government’s Emergency Powers Challenged: Court Rules Crypto Freeze Unlawful

Federal Court of Canada Deems Crypto Freeze Unconstitutional

In a significant judicial rebuke, the Federal Court of Canada has ruled that the Trudeau government's decision to freeze cryptocurrencies during the 2022 "Freedom Convoy" protests was unconstitutional. The court's ruling, issued on January 23, concluded that the government's use of the Emergencies Act to freeze funds and cryptocurrencies was not justified as there was no national emergency, as claimed by the government.

Background of the Controversial Move

The Trudeau government's controversial move to freeze financial assets, including cryptocurrencies, was a response to the truckers' protests against Covid-19 vaccination mandates in February 2022. This marked the first time that the law was utilized to freeze digital assets.

The government's decision faced opposition from the Canadian Civil Liberties Association (CCLA), the Canadian Constitution Foundation, and various groups who argued that it was unnecessary and violated constitutional rights. The Federal Court's ruling has now validated their stance, asserting that the government had alternative means at its disposal rather than resorting to the Emergencies Act, which was deemed an overreach.

Implications for Crypto Assets in Political Protests

This court ruling holds significant implications for the use of cryptocurrency assets in political protests. Digital assets played a role in funding the trucker protests, with estimates suggesting that millions of dollars were received in cryptocurrencies.

During the protests, Gofundme froze over $9 million in donations. The fundraising efforts then shifted to Tallycoin, a bitcoin-based crowdfunding platform, where the Honkhonk Hodl group managed to gather over 22 bitcoin, valued at approximately $925,000 at that time. Additionally, the Christian crowdfunding site Givesendgo emerged as a key platform, raising over $8 million, including unknown amounts in cryptocurrencies. Canadian authorities subsequently froze bank accounts associated with Givesendgo donations.

Repercussions and Future Outlook

The court's ruling has set a critical precedent for future governments, according to the Canadian Civil Liberties Association (CCLA). They stood up against the government's use of the Emergencies Act and successfully challenged it in court. However, Finance Minister Chrystia Freeland has announced the government's intention to appeal the ruling, indicating that the legal battle is not yet over.

It remains to be seen what the repercussions of this ruling will be. The court's decision highlights the need for governments to carefully consider their use of emergency powers and alternative measures when responding to protests and upholding constitutional rights.

What are your thoughts on this ruling? Share your opinions and insights in the comments section below.

Frequently Asked Questions

How to Open a Precious Metal IRA?

It is important to decide if you would like an Individual Retirement Account (IRA). Open the account by filling out Form 8606. You will then need to complete Form 5204 in order to determine which type IRA you are eligible. This form should be filled within 60 calendar days of opening the account. You can then start investing once you have this completed. You may also choose to contribute directly from your paycheck using payroll deduction.

Complete Form 8903 if your Roth IRA option is chosen. Otherwise, the process will look identical to an existing IRA.

To qualify for a precious Metals IRA, there are specific requirements. The IRS states that you must be at least 18 and have earned income. Your annual earnings cannot exceed $110,000 ($220,000 if you are married and file jointly) for any tax year. Contributions must be made on a regular basis. These rules apply to contributions made directly or through employer sponsorship.

You can use a precious metals IRA to invest in gold, silver, palladium, platinum, rhodium, or even platinum. But, you'll only be able to purchase physical bullion. This means you can't trade shares of stock and bonds.

You can also use your precious metallics IRA to invest in companies that deal with precious metals. This option is available from some IRA providers.

There are two main drawbacks to investing through an IRA in precious metallics. First, they're not as liquid as stocks or bonds. They are therefore more difficult to sell when necessary. Second, they don't generate dividends like stocks and bonds. Therefore, you will lose money over time and not gain it.

Is it possible to hold a gold ETF within a Roth IRA

Although a 401k plan might not provide this option, you should still consider other options like an Individual Retirement Account (IRA).

A traditional IRA allows contributions from both employee and employer. Another way to invest in publicly traded companies is through an Employee Stock Ownership Plan.

An ESOP offers tax benefits because employees can share in the company stock and any profits that it generates. The money invested in ESOPs is taxed at a lower rate that if it were owned directly by an employee.

An Individual Retirement Annuity (IRA) is also available. An IRA lets you make regular, income-generating payments to yourself over your life. Contributions made to IRAs are not taxable.

How does gold perform as an investment?

Gold's price fluctuates depending on the supply and demand. Interest rates are also a factor.

Gold prices are volatile due to their limited supply. In addition, there is a risk associated with owning physical gold because you have to store it somewhere.

Should You Buy Gold?

In the past, gold was considered a haven for investors during economic turmoil. Many people today are moving away from stocks and bonds to look at precious metals, such as gold, as a way to diversify their investments.

While gold prices have been rising in recent years they are still low relative to other commodities, such as silver and oil.

Some experts believe that this could change very soon. Experts predict that gold prices will rise sharply in the wake of another global financial collapse.

They also noted that gold is growing in popularity because of its perceived value as well as potential return.

These are some things you should consider when considering gold investing.

• Consider first whether you will need the money to save for retirement. You can save money for retirement even if you don't invest in gold. However, when you retire at age 65, gold can provide additional protection.
• Second, you need to be clear about what you are buying before you decide to buy gold. Each account offers different levels of security and flexibility.
• Finally, remember that gold doesn't offer the same level of safety as a bank account. If you lose your gold coins, you may never recover them.

If you are thinking of buying gold, do your research. You should also ensure that you do everything you can to protect your gold.

Statistics

• You can only purchase gold bars at least 99.5% purity. (forbes.com)
• Indeed, several financial advisers interviewed for this article suggest you invest 5 to 15 percent of your portfolio in gold, just in case. (aarp.org)
• Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
• (Basically, if your GDP grows by 2%, you need miners to dig 2% more gold out of the ground every year to keep prices steady.) (smartasset.com)
• If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal, so 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)

External Links

investopedia.com

• Are You a Good Candidate for a Gold IRA
  
• What are the Options? Types, Spreads, Example, and Risk Metrics
  

wsj.com

• Saddam Hussein's InvasionHelped Uncage a Bear In 90 – WSJ
  
• Want to Keep Gold in Your IRA at Home? It's Not Exactly Lawful – WSJ
  

bbb.org

• BBB: Start with trust(r)
  

law.cornell.edu

• 7 U.S. Code SS7 – Designation of boards for trade as contract markets
  
• 26 U.S. Code SS 408 – Individual retirement accounts
  

How To

Tips to Invest in Gold

Investing in Gold remains one of the most preferred investment strategies. Because investing in gold has many benefits. There are several options to invest in the gold. Some people prefer to buy gold coins in physical form, while others prefer to invest in gold ETFs.

Before buying any kind of gold, you need to consider these things.

• First, find out if your country allows gold ownership. If it is, you can move on. Or, you might consider buying gold overseas.
• The second thing you need to do is decide what type of gold coins you want. There are many options for gold coins: yellow, white, and rose.
• The third factor to consider is the price for gold. It is best to start small and work your way up. You should diversify your portfolio when buying gold. You should invest in different assets such as stocks, bonds, real estate, mutual funds, and commodities.
• Don't forget to keep in mind that gold prices often change. It is important to stay up-to-date with the latest trends.

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