As passionate advocates for Bitcoin and crypto, we have a critical message for Congress: safeguard developers or risk losing vital industry support. The recent plea from the DeFi Education Fund, backed by over 110 crypto pioneers, investors, and champions, emphasizes the urgent need for comprehensive protections for software developers and noncustodial service providers in upcoming market structure legislation.
The Crucial Role of Developer Protection
The Backbone of Innovation
Imagine developers as the architects of a city, crafting the blueprints for a thriving digital ecosystem. Without adequate protection, these architects face the looming threat of regulatory constraints that could stifle innovation and drive them into a maze of impractical rules.
The Call to Action
A Bipartisan Imperative
The recent letter, endorsed by industry stalwarts like the Bitcoin Policy Institute and the Blockchain Association, underscores a bipartisan consensus on the necessity of safeguarding developers. In a remarkable show of unity, 294 House members rallied behind the CLARITY Act, setting a strong precedent for bipartisan cooperation in protecting the backbone of crypto innovation.
A Vision for the Future
America: The Crypto Capital of the World
President Trump's bold vision of positioning the United States as the global hub for crypto innovation hinges on fostering a welcoming environment for cutting-edge software development. Just as the internet revolutionized connectivity, open-source developers hold the key to propelling America to the forefront of the crypto revolution.
Urging Senate Action
Building a Supportive Ecosystem
The Senate must heed the industry's plea and fortify the upcoming legislation with robust protections for developers. By incorporating key provisions from acts like the BRCA and the Keep Your Coins Act, Congress can lay the groundwork for a vibrant, innovation-friendly crypto landscape that empowers developers to drive the industry forward.
Conclusion: A Shared Responsibility
Protecting software developers isn't just a technicality—it's a shared responsibility to nurture innovation, uphold American leadership in the digital age, and secure the future of the crypto industry. As we look ahead, let's stand united in advocating for the safeguards that will shape a dynamic and resilient crypto ecosystem for generations to come.
Frequently Asked Questions
How do I choose an IRA?
Understanding the type of account you have is the first step towards finding an IRA that suits your needs. This is whether you want a Roth IRA, a traditional IRA, or both. Also, you should know how much money is available for investment.
The next step is to choose the best provider for you. Some providers offer both accounts, while others specialize in just one type.
Consider the fees that come with each option. Fees may vary from one provider to another and could include annual maintenance fees as well. For example, some providers charge a monthly fee based on the number of shares you own. Others only charge once per quarter.
Which precious metals are best to invest in retirement?
It is important to know what you have already saved and where money you are saving for retirement. Take a look at everything you own to determine how much you have left. 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, on the other hand, allows you to subtract contributions from your taxable revenue. However, you can't take tax deductions from future earnings.
If you decide to invest more, you will most likely need to open a second investment account. Start with a regular brokerage.
Can I have physical possession of gold within my IRA?
Many people wonder if they are allowed to possess physical gold within an IRA account. This is a fair question because there isn't any legal way to do it.
But when you look closely at the law, nothing stops you from owning gold in an IRA.
Most people don't realize the cost savings they could make by putting their gold into an IRA rather than keeping it in their homes.
It's very easy to dispose of gold coins, but much harder to make an IRA. If you decide to keep your precious metal in your own home you will have to pay two taxes. Once for the IRS and once for the state where you live.
There are two ways to lose your gold: pay taxes twice and keep it in your house. Why would you want to keep your gold in your house?
You may argue that it is necessary to have the assurance that your gold safe in your home. However, to guard yourself against theft, it is worth considering storing your gold in a more secure location.
You shouldn't even leave your gold in your home unless you plan to visit often. Thieves can easily steal your gold if you don't keep it safe.
It is better to keep your gold in an insured vault. Your gold will be protected against fire, floods, earthquakes, and robbery.
Another advantage to storing your gold in a vault is that you won't have to worry about paying property tax. Instead, you will have to pay income tax for any gains you make selling your gold.
If you'd rather avoid paying taxes on your gold, you may want to consider putting it in an IRA. An IRA will allow you to avoid income tax while earning interest on your gold.
Capital gains tax doesn't apply to gold. That means you have the right to cash your investment at whatever time you choose.
Because IRAs have federal regulation, it won't be difficult to transfer your gold to another bank if there is a move.
Bottom line: You can have gold in an IRA. The only thing holding you back is your fear of having it stolen.
Statistics
- You can only purchase gold bars of at least 99.5% purity. (forbes.com)
- Depending on your financial situation, most experts recommend you invest no more than 5% to 10% of your retirement funds in precious metals. (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)
- 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)
External Links
forbes.com
- Gold IRA: Add some sparkle to your retirement nest egg
- Understanding China's Evergrande Crisis – Forbes Advisor
takemetothesite.com
wsj.com
investopedia.com
How To
Precious metals approved by the IRA
IRA-approved precious metallics are great investments, whether you want to save for retirement and invest in your next venture. There are many options available to diversify and protect your portfolio from gold bars through silver coins.
There are two types of precious metal investment products. Physical bullion products such bars or coins are considered to be physical assets, as they exist in tangible form. 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. Silver and gold are commonly used for jewellery making and decoration. However, platinum and palladium tend to be associated with luxury goods. Palladium holds its value better than that of platinum which makes it ideal to be used in industrial applications. While silver can be used for industrial purposes, it is more commonly preferred for decorative purposes.
Physical bullion products tend to be more expensive due to the cost of mining and refining raw materials. But, they are generally more secure than paper currencies and provide buyers greater security. For example, consumers can lose confidence in the currency or look for alternative currencies when the U.S. dollars loses its purchasing power. Physical bullion products on the other side do not depend upon trust between countries and companies. They are backed instead by central banks or governments, providing customers with peace of mind.
The supply and demand for gold affect the price of gold. The price of gold will rise if there is more demand. Conversely, a decrease in supply can cause the price to fall. This dynamic creates opportunities for investors to profit from fluctuations in the price of gold. This fluctuation is good news for investors who own physical bullion items as they earn a higher return.
Unlike traditional investments, precious metals cannot be affected by economic recessions or interest rate changes. As long demand is strong, gold prices will continue to climb. Precious metals are safe havens in times of uncertainty because of this.
The most widely used precious metals include:
- Gold – Gold is the oldest precious metal. Gold is also called “yellow-metal”. While gold is a familiar name, it is an extremely rare element that is found underground. Most of the world's gold reserves are in South Africa, Australia, Peru, Canada, Russia, and China.
- Silver – Silver is second most valuable precious metal, after gold. Like gold, silver is mined from natural deposits. However, silver is more commonly extracted from ore than from rock formations. Silver is widely used in industry and commerce because of its durability, conductivity, malleability, and resistance to tarnishing. The United States is responsible for 98% worldwide silver production.
- Platinum – Platinum is the third-most valuable precious metal. It can be used for industrial purposes, such as in fuel cells and catalytic converters. Platinum is also used in dentistry to make dental crowns, fillings, and bridges.
- Palladium – Palladium is the fourth most valuable precious metal. Due to its strength and stability, it is quickly gaining popularity among manufacturers. Palladium is also used for electronics, aerospace, military technology and automobiles.
- Rhodium – Rhodium has been ranked fifth among precious metals. Rhodium is a rare metal, but it is highly sought-after because of its use as a catalyst for automobile engines.
- Ruthenium: Ruthenium is sixth most valuable precious metallic. Although palladium is scarce and platinum is rare, there are plenty of ruthenium. It is used for steel manufacturing, chemical manufacturing, and aircraft engines.
- Iridium: Iridium (the seventh most valuable precious metallic) is the seventh. Iridium is an essential component of satellite technology. It is used in the construction of orbiting satellites that transmit TV signals and telephone calls.
- Osmium- Osmium ranks eighth in the list of most valuable precious metals. Osmium is commonly used in nuclear reactors because of its ability to withstand extreme temperatures. Osmium can also be used in jewelry and medicine as well as cutting tools.
- Rhenium- Rhenium, the ninth most precious precious metal, is Rhenium. Rhenium is used for refining oil, gas, semiconductors, rocketry, and other purposes.
- Iodine – Iodine is the tenth most valuable precious metal. Iodine can be used in radiography, photography, and pharmaceuticals.
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