SEC is Anything But Infallible
Ripple's chief legal officer, Stuart Alderoty, recently expressed his strong criticism of the U.S. Securities and Exchange Commission (SEC) on social media. He referred to an article in the Wall Street Journal that highlighted the Supreme Court's repeated rulings against the SEC in recent years. Alderoty emphasized that the securities regulator is far from infallible and described it as "bloated, broken, and beleaguered." He also gave advice to investors, urging them not to be intimidated when dealing with the SEC.
SEC's Losses in Legal Cases
Alderoty's comments come in the wake of several legal victories for Ripple Labs against the SEC. These wins include a decision on July 13 that ruled XRP as not a security, a denial of the SEC's bid for an interlocutory appeal on October 3, and the SEC dropping its lawsuit against Ripple CEO Brad Garlinghouse and co-founder Chris Larsen.
The SEC has also faced legal setbacks in other cases. For instance, the court ruled in favor of Grayscale Investments in a lawsuit involving the conversion of Grayscale's bitcoin trust into a spot bitcoin exchange-traded fund (ETF). The court found that the SEC's denial of Grayscale's proposal was arbitrary and capricious. As a result, the SEC was ordered to reevaluate Grayscale's bitcoin ETF conversion application.
Criticism of SEC Chairman Gary Gensler
Many individuals have criticized SEC Chairman Gary Gensler for his enforcement-centric approach to regulating the crypto industry. Gensler has repeatedly expressed concerns about the presence of hucksters, fraudsters, and non-compliant parties in the crypto field. In fact, the SEC recently filed a second lawsuit against Kraken, a prominent crypto exchange, after the exchange settled a previous lawsuit with the regulator for $30 million in February. There is currently a bill in Congress that aims to remove Gensler from his position as the chair of the SEC.
Standing Up Against Government Oppression
Alderoty's remarks resonated with lawyer John Deaton, who has previously sued the SEC. Deaton emphasized that the SEC's power lies in its ability to intimidate people due to its vast resources, which are funded by taxpayers. He also highlighted the importance of resisting government oppression and intrusion, stating that it is a fundamental American value to fight back.
Conclusion
Ripple's chief legal officer's criticism of the SEC highlights the growing dissatisfaction with the regulator's actions and approach to the crypto industry. The recent legal victories against the SEC and the ongoing debate surrounding SEC Chairman Gary Gensler indicate a shifting landscape in the regulatory environment. As the crypto industry continues to evolve, it is crucial for investors and industry participants to stay informed and engaged in the ongoing discussions and developments in the regulatory space.
Frequently Asked Questions
What is the best precious-metal to invest?
This depends on what risk you are willing take and what kind of return you desire. Gold is a traditional haven investment. However, it is not always the most profitable. Gold may not be right for you if you want quick profits. If you have time and patience, you should consider investing in silver instead.
If you're not looking to make quick money, gold is probably your best choice. Silver may be a better option for investors who want long-term steady returns.
Should You Purchase Gold?
Gold was considered a safety net for investors during times of economic turmoil in the past. However, today many people are turning away from traditional investments such as stocks and bonds and instead looking toward precious metals such as gold.
While gold prices have been rising in recent years they are still low relative to other commodities, such as silver and oil.
Some experts think that this could change in the near future. They say that gold prices could rise dramatically with another global financial crisis.
They also mention that gold is becoming more popular due to its perceived worth and potential return.
Here are some things to consider if you're considering investing in gold.
- The first thing to do is assess whether you actually need the money you're putting aside for retirement. You can save money for retirement even if you don't invest in gold. That said, gold does provide an additional layer of protection when you reach retirement age.
- Second, ensure you fully understand the risks involved in buying gold. Each one offers different levels security and flexibility.
- Keep in mind that gold may not be as secure as a bank deposit. You may lose your gold coins and never be able to recover them.
So, if you're thinking about buying gold, make sure you do your research first. If you already have gold, make sure you protect it.
Which precious metals are best to invest in retirement?
These precious metals are among the most attractive investments. Both are easy to sell and can be bought easily. You should add them to your portfolio if you are looking to diversify.
Gold: This is the oldest form of currency that man has ever known. It's stable and safe. Because of this, it is considered a great way of preserving wealth during times when there are uncertainties.
Silver: Silver has been a favorite among investors for years. It's an ideal choice for those who prefer to avoid volatility. Silver is more volatile than gold. It tends to rise rather than fall.
Platinium is another precious metal that is becoming increasingly popular. It's resistant to corrosion and durable, similar to gold and silver. It's however much more costly than any of its counterparts.
Rhodium: The catalytic converters use Rhodium. It is also used in jewelry-making. And, it's relatively cheap compared to other types of precious metals.
Palladium (or Palladium): Palladium can be compared to platinum, but is much more common. It's also more accessible. This is why it has become a favourite among investors looking for precious metals.
What is a Precious Metal IRA, and how can you get one?
You can diversify your retirement savings by investing in precious metal IRAs. This allows you to invest in gold, silver and platinum as well as iridium, osmium and other rare metals. These rare metals are often called “precious” as they are very difficult to find and highly valuable. These are good investments for your cash and will help you protect yourself from economic instability and inflation.
Precious metals often refer to themselves as “bullion.” Bullion is the physical metal.
Bullion can be purchased via a variety of channels including online sellers, large coin dealers, and grocery stores.
An IRA for precious metals allows you to directly invest in bullion instead of purchasing stock shares. This allows you to receive dividends every year.
Unlike regular IRAs, precious metal IRAs don't require paperwork or annual fees. You pay only a small percentage of your gains tax. Additionally, you have access to your funds at no cost whenever you need them.
Are You Ready to Invest in Gold?
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're unsure about which option to choose then consider investing in both.
In addition to being a safe investment, gold also offers potential returns. This makes it a worthwhile choice for retirees.
Most investments have fixed returns, but gold's volatility is what makes it unique. This causes its value to fluctuate over time.
This does not mean you shouldn’t invest in gold. It just means that you need to factor in fluctuations to your overall portfolio.
Another advantage of gold is its tangible nature. Gold is less difficult to store than stocks or bonds. It can also be carried.
You can always access your gold as long as it is kept safe. There are no storage charges for holding physical gold.
Investing in gold can help protect against inflation. Because gold prices tend to rise along with other commodities, it's a good way to hedge against rising costs.
You'll also benefit from having a portion of your savings invested in something that isn't going down in value. Gold usually rises when stocks fall.
Another benefit to investing in gold? You can always sell it. As with stocks, your position can be liquidated whenever you require cash. You don't even need to wait for your retirement.
If you do decide to invest in gold, make sure to diversify your holdings. Don't place all your eggs in the same basket.
Don't purchase too much at once. Start small, buying only a few ounces. Then add more as needed.
Remember, the goal here isn't to get rich quickly. Rather, it's to build up enough wealth so you won't need to rely on Social Security benefits.
Although gold might not be the right investment for everyone it could make a great addition in any retirement plan.
Statistics
- Contribution limits$6,000 (49 and under) $7,000 (50 and up)$6,000 (49 and under) $7,000 (50 and up)$58,000 or 25% of your annual compensation (whichever is smaller) (lendedu.com)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- (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)
- 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)
External Links
forbes.com
- Gold IRA: Add Some Sparkle To Your Retirement Nest Egg
- Understanding China's Evergrande Crisis – Forbes Advisor
finance.yahoo.com
bbb.org
investopedia.com
- Do You Need a Gold IRA to Get Retirement?
- What are the Options Types, Spreads and Example. Risk Metrics
How To
Online buying gold and silver is the best way to purchase it.
Before you can buy gold, it is important to understand its workings. The precious metal gold is similar to platinum. It's very rare, and it is often used as money for its durability and resistance. It is difficult to use so people prefer to buy jewelry made from it to gold bars.
There are two types of gold coins available today – one type is legal tender, while the other is called bullion. Legal tender coins are those that are intended for circulation in a country. They typically have denominations of $1, $5 or $10.
Bullion coins are only minted to be used for investment purposes. Their value increases over time because of inflation.
They aren't circulated in any currency exchange systems. For example, if a person buys $100 worth of gold, he/she gets 100 grams of gold with a value of $100. Each dollar spent by the buyer is worth 1 gram.
When you are looking to purchase gold, the next thing to know is where to get it. There are a few options if you wish to buy gold directly from a dealer. First, go to your local coin shop. You could also look into eBay or other reputable websites. Finally, you can look into purchasing gold through private sellers online.
Private sellers are individuals who offer to sell gold at retail or wholesale prices. Private sellers typically charge 10% to 15% commission on each transaction. You would receive less money from a private buyer than you would from a coin store or eBay. This is a great option for gold investing because you have more control over the item’s price.
An alternative option to buying gold is to buy physical gold. You can store physical gold much more easily than you can with paper certificates. However, it still needs to be safe. Physical gold must be kept safe in an impassible container, such as a vault.
When buying gold on your own, you can visit a bank or a pawnshop. A bank can provide you with a loan to cover the amount you wish to invest in gold. Pawnshops are small establishments allowing customers to borrow money against items they bring. Banks typically charge higher interest rates than pawn shops.
The final option is to ask someone to buy your gold! Selling gold is simple too. It is easy to sell gold by contacting a company like GoldMoney.com. You can create a simple account immediately and begin receiving payments.
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By: Kevin Helms
Title: Ripple's Chief Legal Officer Criticizes SEC and Advises Investors
Sourced From: news.bitcoin.com/ripples-clo-says-sec-is-anything-but-infallible-advises-dont-be-intimidated-when-they-come-knocking/
Published Date: Sat, 02 Dec 2023 01:00:41 +0000
