The Outrage and Accusations
The recent announcement by the U.S. Department of Justice (DOJ) regarding their decision not to proceed with a second trial against Sam Bankman-Fried (SBF), the disgraced founder of FTX, has sparked outrage within the crypto industry. Crypto exchange Coinbase has gone as far as calling this decision a "miscarriage of justice." The controversy surrounding this decision has only deepened, as allegations of political influence and corruption have emerged.
A Questionable Decision
The second trial, originally scheduled to begin in March, would have addressed a new set of criminal charges against Bankman-Fried, including campaign finance violations. Paul Grewal, the chief legal officer at Coinbase, expressed his dissatisfaction with the DOJ's decision in a series of social media posts. He emphasized that he believed it to be a mistake, stating that a public airing of charges, especially those related to campaign finance, is of utmost importance. Grewal questioned what politicians and other individuals knew and when they knew it, emphasizing the need for answers.
Criticizing the Timing
Furthermore, Grewal criticized the timing of the announcement, referring to it as a "damn shame." The decision was made public on a Friday night before a holiday, a move that only adds fuel to the fire of public cynicism regarding the politics surrounding this case.
The public response to the DOJ's decision has been overwhelmingly negative. Social media platforms have been flooded with comments condemning the move. Words such as "outrageous," "sickening," and "disgusting" have been used to describe the decision. Some individuals have even accused the DOJ of rampant corruption.
The Allegations of Corruption
One user on social media platform X pointed out the alleged corruption, stating that FTX had made significant financial contributions to Democrat campaign accounts. They claimed that the DOJ purposefully separated the campaign finance charges from the fraud trial, and now, after Bankman-Fried has been convicted of fraud, they are dropping the second trial for campaign finance crimes. The user further speculated that implicating too many Democrats and Republicans in Name Only (RINOs) could be the reason behind this decision. They concluded by expressing their surprise, acknowledging that while government corruption is a reality, even this case was astonishing.
The Role of Political Influence
Lawyer John Deaton raised an important question, asking why this case was being dropped in an election year. During the fraud trial, a witness testified that Bankman-Fried had contributed $10 million to the Biden administration in order to "buy access." It was revealed that he had secured two personal meetings with Gary Gensler, the Chairman of the U.S. Securities and Exchange Commission (SEC), as well as several other meetings with SEC staff. Deaton criticized the DOJ, labeling the situation as a joke.
Voicing Your Opinion
What are your thoughts on the DOJ's decision not to proceed with a second trial against Sam Bankman-Fried? We invite you to share your views in the comments section below.
Frequently Asked Questions
What are the pros and disadvantages of a gold IRA
The main advantage of an Individual Retirement Account (IRA) over a regular savings account is that you don't have to pay taxes on any interest earned. An IRA is a great way to save money and not have to pay taxes on the interest you earn. However, there are also disadvantages to this type of investment.
If you withdraw too many funds from your IRA at once, you may lose all your accumulated assets. You may also be prohibited by the IRS from making withdrawals from an IRA after you turn 59 1/2. If you do withdraw funds from your IRA you will most likely be required to pay a penalty.
Another disadvantage is that you must pay fees to manage your IRA. Many banks charge between 0.5%-2.0% per year. Other providers may charge monthly management fees, ranging between $10 and $50.
If you prefer your money to be kept out of a bank, then you will need insurance. A majority of insurance companies require that you possess a minimum amount gold to be eligible for a claim. You may be required by some insurers to purchase insurance that covers losses as high as $500,000.
You will need to decide how much gold you wish to use if you opt for a gold IRA. Some providers limit the amount of gold that you are allowed to own. Others let you choose your weight.
You'll also need to decide whether to buy physical gold or futures contracts. Physical gold is more costly than gold futures. Futures contracts offer flexibility for buying gold. They allow you to set up a contract with a specific expiration date.
It is also important to choose the type of insurance coverage that you need. The standard policy does not include theft protection or loss caused by fire, flood, earthquake. It does provide coverage for damage from natural disasters, however. You may consider adding additional coverage if you live in an area at high risk.
Apart from insurance, you should consider the costs of storing your precious metals. Insurance doesn't cover storage costs. Additionally, safekeeping is usually charged by banks at around $25-$40 per monthly.
To open a IRA in gold, you will need to first speak with a qualified custodian. A custodian maintains track of all your investments and ensures you are in compliance with federal regulations. Custodians aren't allowed to sell your assets. Instead, they must keep your assets for as long you request.
After you've determined which type of IRA is best for you, fill out the paperwork indicating your goals. You should also include information about your desired investments, such as stocks or bonds, mutual funds, real estate, and mutual funds. You should also specify how much you want to invest each month.
After filling out the forms, you'll need to send them to your chosen provider along with a check for a small deposit. The company will then review your application and mail you a letter of confirmation.
If you are thinking of opening a gold IRA for retirement, a financial professional is a great idea. Financial planners are experts in investing and will help you decide which type of IRA works best for your situation. They can also help you lower your expenses by finding cheaper alternatives to purchasing insurance.
How does a gold IRA account work?
Physical gold bullion coin can be purchased at any time. To start investing in gold, it doesn't matter if you are retired.
Owning gold as an IRA has the advantage of allowing you to keep it forever. Your gold holdings will not be subject to tax when you are gone.
Your heirs inherit your gold without paying capital gains taxes. Because your gold doesn't belong to the estate, it's not necessary to include it on your final estate plan.
You'll first have to set up an individual retirement account (IRA) to open a gold IRA. Once you've done so, you'll be given an IRA custodian. This company acts as a mediator between you, the IRS.
Your gold IRA custodian will handle the paperwork and submit the necessary forms to the IRS. This includes filing annual reports.
Once you've set up your gold IRA, it's possible to buy gold bullion. The minimum deposit is $1,000. You'll get a higher rate of interest if you deposit more.
You will pay taxes when you withdraw your gold from your IRA. You will be liable for income taxes and penalties if you take the entire amount.
You may not be required to pay taxes if you take out only a small amount. However, there are exceptions. There are some exceptions. For instance, if you take out 30% or more from your total IRA assets, federal income taxes will apply plus a 20 percent penalty.
You shouldn't take out more then 50% of your total IRA assets annually. A violation of this rule can lead to severe financial consequences.
Should You Buy Gold?
In times past, gold was considered a safe haven for investors in times of economic trouble. Many people are shifting away from traditional investments like bonds or stocks to instead look toward precious metals such gold.
The gold price has been in an upward trend for the past few years, but it remains relatively low compared with other commodities like silver or oil.
This could be changing, according to some experts. They believe gold prices could increase dramatically if there is another global financial crises.
They also pointed out that gold is gaining popularity due to its perceived value, and potential return.
Here are some things to consider if you're considering investing in gold.
- Consider first whether you will need the money to save for retirement. You can save for retirement and not invest your savings in gold. Gold does offer an extra layer of protection for those who reach retirement age.
- Second, be sure to understand your obligations before you purchase gold. Each one offers different levels security and flexibility.
- Keep in mind that gold may not be as secure as a bank deposit. Your gold coins may be lost and you might never get them back.
Do your research before you buy gold. Protect your gold if you already have it.
What is a Precious Metal IRA?
A precious metal IRA allows you to diversify your retirement savings into gold, silver, platinum, palladium, rhodium, iridium, osmium, and other rare metals. These precious metals are extremely rare and valuable. These are good investments for your cash and will help you protect yourself from economic instability and inflation.
Bullion is often used to refer to precious metals. Bullion refers actually to the metal.
Bullion can be bought through many channels, including online retailers, large coins dealers, and some grocery shops.
A precious metal IRA allows you to invest directly in bullion, rather than buying stock shares. You'll get dividends each year.
Precious Metal IRAs don’t require paperwork nor have annual fees. You pay only a small percentage of your gains tax. You can also access your funds whenever it suits you.
What is the value of a gold IRA
There are many advantages to a gold IRA. It is an investment vehicle that can diversify your portfolio. You can control how much money is deposited into each account as well as when it's withdrawn.
You have the option of rolling over funds from other retirement account into a gold IRA. This makes for an easy transition if you decide to retire early.
The best part is that you don't need special skills to invest in gold IRAs. They're readily available at almost all banks and brokerage firms. Withdrawals can happen automatically, without any fees or penalties.
But there are downsides. Gold has historically been volatile. It's important to understand the reasons you're considering investing in gold. Are you looking for growth or safety? Are you looking for growth or insurance? Only then will you be able make informed decisions.
If you plan to keep your gold IRA indefinitely, you'll probably want to consider buying more than one ounce of gold. One ounce won't be enough to meet all your needs. Depending on your plans for using your gold, you may need multiple ounces.
You don't have to buy a lot of gold if your goal is to sell it. You can even manage with one ounce. You won't be capable of buying anything else with these funds.
Can I have a gold ETF in 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).
Traditional IRAs allow contributions from both the employer and employee. Another option is to invest in publicly traded corporations with an Employee Stockownership Plan (ESOP).
An ESOP is a tax-saving tool because employees have a share of company stock as well as the profits that the business generates. The money in the ESOP can then be subject to lower tax rates than if the money were in the individual's hands.
You can also get an Individual Retirement Annuity, or IRA. You can make regular payments to your IRA throughout your life, and you will also receive income when you retire. Contributions to IRAs will not be taxed
How is gold taxed in an IRA?
The fair value of gold sold to determines the price at which tax is due. You don't pay taxes when you buy gold. It's not considered income. If you decide to sell it later, there will be a taxable gain if its price rises.
Gold can be used as collateral for loans. Lenders will seek the highest return on your assets when you borrow against them. This often means selling gold. This is not always possible. They may keep it. They might decide that they want to resell it. Either way you will lose potential profit.
In order to avoid losing your money, only lend against your precious metal if you plan to use it to secure other collateral. It is better to leave it alone.
- 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)
- 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 take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.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)
- Saddam Hussein’s InvasionHelped Uncage a Bear In 1989 – WSJ
- Are you interested in keeping gold in your IRA at-home? It's not exactly legal – WSJ
- 7 U.S. Code SS 7 – Designation of boards of trade as contract markets
- 26 U.S. Code SS 408 – Individual retirement plans
Three Ways to Invest In Gold For Retirement
It is important to understand the role of gold in your retirement plan. There are several options to invest in precious metals if your employer has a 401k. You may also want to consider investing in gold outside of your workplace. For example, if you own an IRA (Individual Retirement Account), you could open a custodial account at a brokerage firm such as Fidelity Investments. Or, if you don't already own any precious metals, you may want to consider buying them directly from a reputable dealer.
These are three easy rules to remember if you invest in gold.
- Buy Gold with Your Money – You don't need credit cards, or to borrow money to finance your investments. Instead, put cash into your accounts. This will protect you from inflation and help keep your purchasing power high.
- Own Physical Gold Coins – You should buy physical gold coins rather than just owning a paper certificate. The reason is that it's much easier to sell physical gold coins than certificates. There are no storage fees for physical gold coins.
- Diversify your Portfolio – Don't put all your eggs in one basket. Also, diversify your wealth and invest in different assets. This can reduce market volatility and help you be more flexible.
By: Kevin Helms
Title: The Controversial Decision: DOJ Drops Second Trial Against FTX Founder Sam Bankman-Fried
Sourced From: news.bitcoin.com/dojs-decision-on-sbf-case-outrages-crypto-industry-coinbase-calls-it-miscarriage-of-justice/
Published Date: Sat, 30 Dec 2023 23:30:14 +0000