Lawmakers Express Concerns
Two U.S. lawmakers, Senator Cynthia Lummis and Representative French Hill, have written a letter to U.S. Attorney General Merrick Garland, urging the Department of Justice (DOJ) to investigate Binance and Tether. The lawmakers have alleged that these two cryptocurrency platforms were used to fund Hamas and have a history of allowing illegal activities to take place.
The Need for Federal Investigation
Senator Lummis, a member of the Senate Banking Committee, emphasized the importance of cracking down on bad actors in the crypto asset space. This comes after reports surfaced that showed Hamas used crypto assets to fund their war in Israel. In her letter, Senator Lummis stated that crypto itself is not the enemy, but rather the individuals engaging in illicit finance. She called for the DOJ to complete its investigation and consider criminal charges against Binance and Tether.
Request for Charging Decision
In their letter, the lawmakers expressed concern over the facilitation of illicit finance activity by unregulated, centralized crypto asset intermediaries based outside the United States. They urged the Department of Justice to reach a charging decision on Binance that reflects the platform's level of culpability. Additionally, they called for the expeditious conclusion of investigations into ongoing illicit activities involving Tether.
Citing Wall Street Journal Article
The lawmakers cited an article published by the Wall Street Journal, which reported that Hamas, Palestinian Islamic Jihad, and Hezbollah have received crypto funding since August 2021. While acknowledging that the funding level mentioned in the article may not be accurate, the lawmakers argued that it is crucial for the Department of Justice to hold bad actors accountable if they are found to facilitate illicit activity.
Response from Blockchain Analytics Firm
Blockchain analytics firm Elliptic provided clarification this week, stating that there is no evidence supporting the claim that Hamas has received significant volumes of crypto donations. The firm emphasized that its data has been misinterpreted.
Focus on Binance and Tether
The lawmakers described Binance as an unregulated crypto platform based in Seychelles and the Cayman Islands, noting its historical association with illicit activity. They also accused Tether of knowingly facilitating violations of applicable sanctions laws and the Bank Secrecy Act. The lawmakers urged the Department of Justice to carefully evaluate the extent to which Binance and Tether are providing material support and resources to terrorism through violations of these laws.
Support for Swift Action
In conclusion, the lawmakers expressed their support for swift action by the Department of Justice against Binance and Tether. They believe that such action is necessary to cut off sources of funding to the terrorists who are currently targeting Israel.
What are your thoughts on the lawmakers' request for criminal charges against Binance and Tether? Share your opinions in the comments section below.
Frequently Asked Questions
Should You Invest in gold for Retirement?
This will depend on how much money and whether you were able to invest in gold at the time that you started saving. If you are unsure of which option to invest in, consider both.
You can earn potential returns on your investment of gold. It is a good choice for retirees.
Gold is more volatile than most other investments. Because of this, gold's value can fluctuate over time.
However, this does not mean that gold should be avoided. This just means you need to account for fluctuations in your overall portfolio.
Another advantage to gold is that it can be used as a tangible asset. Unlike stocks and bonds, gold is easier to store. It can also be carried.
You can always access your gold if it is stored in a secure place. There are no storage charges for holding physical gold.
Investing in gold can help protect against inflation. As gold prices rise in tandem with other commodities it can be a good hedge against rising cost.
A portion of your savings can be invested in something that doesn't go down in value. Gold rises in the face of a falling stock market.
Gold investment has another advantage: You can sell it anytime. As with stocks, your position can be liquidated whenever you require cash. It doesn't matter if you are retiring.
If you do decide to invest in gold, make sure to diversify your holdings. You shouldn't try to put all of your eggs into one basket.
You shouldn't buy too little at once. Begin by buying a few grams. Add more as you're able.
Keep in mind that the goal is not to quickly become wealthy. Rather, it's to build up enough wealth so you won't need to rely on Social Security benefits.
Even though gold is not the best investment, it could be an excellent addition to any retirement plan.
What precious metal should I invest in?
The answer to this question depends on how much risk you are willing to take and what type of return you want. Gold is a traditional haven investment. However, it is not always the most profitable. If you are looking for quick profits, gold might not be the right investment. If you have the patience to wait, then you might consider investing in silver.
If you don’t desire to become rich quickly, gold may be your best option. However, silver might be a better option if you're looking for an investment that provides steady returns over long periods.
Can I buy or sell gold from my self-directed IRA
You can purchase gold with your self-directed IRA, but you must first open an account at a brokerage firm like TD Ameritrade. You can also transfer funds from another retirement account if you already have one.
The IRS allows individuals up to $5.500 annually ($6,500 if you are married and filing jointly). This can be contributed to a traditional IRA. Individuals are allowed to contribute $1,000 each ($2,000 if married or filing jointly) to a Roth IRA.
If you do decide that you want to invest, it is a good idea to buy physical bullion and not in futures. Futures contracts are financial instruments based on the price of gold. They let you speculate on future price without having to own the metal. Physical bullion, however, is real gold and silver bars that you can hold in your hand.
Is it possible to hold a gold ETF within a Roth IRA
While a 401k may not offer this option for you, it is worth considering other options, such an Individual Retirement Plan (IRA).
A traditional IRA allows contributions from both employee and employer. You can also invest in publicly traded businesses by creating an Employee Stock Ownership Plan (ESOP).
An ESOP provides tax advantages because employees share ownership of company stock and profits the business generates. The money invested in ESOPs is taxed at a lower rate that if it were owned directly by an employee.
A Individual Retirement Annuity is also possible. An IRA allows for you to make regular income payments during your life. Contributions to IRAs don't have to be taxable
What is the tax on gold in an IRA
The fair market value of gold sold is the basis for tax. You don't have tax to pay when you buy or sell gold. It's not considered income. If you sell it after the purchase, you will get a tax-deductible gain if you increase the price.
Loans can be secured with gold. When you borrow against your assets, lenders try to find the highest return possible. In the case of gold, this usually means selling it. However, there is no guarantee that the lender would do this. They might keep it. Or, they may decide to resell the item themselves. The bottom line is that you could lose potential profit in any case.
You should not lend against your gold if it is intended to be used as collateral. Otherwise, it's better to leave it alone.
- 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)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- The price of gold jumped 131 percent from late 2007 to September 2011, when it hit a high of $1,921 an ounce, according to the World Gold Council. (aarp.org)
- 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)
- Gold IRA – Add Sparkle to Your Retirement Nest Egg
- Understanding China's Evergrande Crisis – Forbes Advisor
- 7 U.S. Code SS7 – Designation boards of trade as contract market authorities
- 26 U.S. Code SS 408 – Individual retirement plans
3 Ways to Invest in Gold for Retirement
It's important to understand how gold fits in with your retirement plan. You have many options for investing in gold if there is a 401K account at your workplace. You may also be interested in investing in gold beyond your workplace. You could, for example, open a custodial bank account at Fidelity Investments if your IRA (Individual Retirement Account) is open. Or, if you don't already own any precious metals, you may want to consider buying them directly from a reputable dealer.
If you do invest in gold, follow these three simple rules:
- You can buy gold with your cash – No need to use credit cards or borrow money for investment financing. Instead, cash in your accounts. This will help to keep your purchasing power high and protect you against inflation.
- Own Physical Gold Coins – You should buy physical gold coins rather than just owning a paper certificate. The reason for this is that physical gold coins are much more easily sold than certificates. Physical gold coins are also free from storage fees.
- Diversify Your Portfolio. Never place all your eggs in the same basket. This means that you should diversify your wealth by investing in different assets. This helps reduce risk and gives you more flexibility during market volatility.
By: Kevin Helms
Title: Lawmakers Call for DOJ to Consider Criminal Charges Against Binance and Tether
Sourced From: news.bitcoin.com/us-lawmakers-ask-doj-to-consider-criminal-charges-against-binance-and-tether/
Published Date: Sat, 28 Oct 2023 03:00:34 +0000