The retirement announcement of U.S. Rep. Blaine Luetkemeyer (R-Mo.) at the end of 2024 has set the stage for a potential shift in cryptocurrency regulation. With Rep. French Hill (R-Ark.) positioned to take the reins of the House Financial Services Committee, there is a possibility of more progressive legislation in the crypto space.
Potential Crypto-Friendly Chairmanship
The upcoming departure of Rep. Luetkemeyer opens up the opportunity for a crypto-friendly chairmanship in the House Financial Services Committee. This committee plays a crucial role in shaping the regulatory framework for cryptocurrencies. Currently, Rep. Patrick McHenry holds the position, but his term ends in early 2025.
Rep. French Hill's Involvement
Rep. French Hill, the vice-chairman of the House Financial Services Committee, is well-known for his involvement in crypto-related legislation. He has led the committee's digital assets panel and has shown a keen interest in stablecoins. Hill has expressed his intent to introduce and pass two crypto regulation bills in early 2024.
Industry Support for Rep. Hill
Ron Hammond, Director of Government Relations at the Blockchain Association, commends Rep. Hill's bipartisan approach and focus on cryptocurrency. While Rep. Luetkemeyer was not against crypto, Hammond believes that it would not have been a top priority under his chairmanship. In contrast, Rep. Hill genuinely believes in crypto as a new asset class and recognizes its importance for the future.
Factors Influencing Successor Selection
As Rep. Luetkemeyer and Rep. McHenry step down, the GOP Steering Committee will consider various factors when selecting their replacements in 2025. These factors include legislative performance and fundraising capabilities. Rep. Hill is considered a strong contender for the House Financial Services chair position. Other potential candidates, such as Rep. Bill Huizenga (R-Mich.) and Rep. Andy Barr (R-Ky.), will have their chances depend on the outcome of the upcoming elections and the Republicans' control of the House.
The retirement of Rep. Luetkemeyer opens up the possibility of a more crypto-friendly leadership in the House Financial Services Committee. Rep. French Hill, with his involvement in crypto-related legislation, is positioned to take on a prominent role in shaping the future of cryptocurrency regulation. It remains to be seen whether more U.S. politicians will warm up to crypto, but the potential shift in leadership is a positive sign for the industry's growth and development. Share your thoughts and opinions on this subject in the comments section below.
Frequently Asked Questions
How much gold do you need in your portfolio?
The amount of money you need to make depends on how much capital you are looking for. A small investment of $5k-10k would be a great option if you are looking to start small. As you grow, it is possible to rent desks or office space. You don't need to worry about paying rent every month. Rent is only paid per month.
It is also important to decide what kind of business you want to run. In my case, we charge clients between $1000-2000/month, depending on what they order. So if you do this kind of thing, you need to consider how much income you expect from each client.
You won't get a monthly paycheck if you work freelance. This is because freelancers are paid. So you might only get paid once every 6 months or so.
You must first decide what kind and amount of income you are looking to generate before you can calculate how much gold will be needed.
I recommend starting with $1k-$2k in gold and working my way up.
Can I hold a gold ETF in a Roth IRA?
A 401(k) plan may not offer this option, but you should consider other options, such as an Individual Retirement Account (IRA).
Traditional IRAs allow contributions from both the employer and employee. A Employee Stock Ownership Plan, or ESOP, is another way to invest publicly traded companies.
An ESOP gives employees tax advantages as they share the stock of the company and the profits it makes. The money in the ESOP can then be subject to lower tax rates than if the money were in the individual's hands.
Also available is an Individual Retirement Annuity. With an IRA, you make regular payments to yourself throughout your lifetime and receive income during retirement. Contributions made to IRAs are not taxable.
How much should I contribute to my Roth IRA account?
Roth IRAs can be used to save taxes on your retirement funds. These accounts are not allowed to be withdrawn before the age of 59 1/2. There are some rules that you need to keep in mind if you want to withdraw funds from these accounts before you reach 59 1/2. First, you can't touch your principal (the initial amount that was deposited). You cannot withdraw more than the original amount you contributed. If you wish to withdraw more than you originally contributed, you will have to pay taxes.
The second rule states that income taxes must be paid before you can withdraw earnings. You will pay income taxes when you withdraw your earnings. Let's assume that you contribute $5,000 each year to your Roth IRA. In addition, let's assume you earn $10,000 per year after contributing. This would mean that you would have to pay $3,500 in federal income tax. So you would only have $6,500 left. Because you can only withdraw what you have initially contributed, this is all you can take out.
If you took $4,000 from your earnings, you would still owe taxes for the $1,500 remaining. On top of that, you'd lose half of the earnings you had taken out because they would be taxed again at 50% (half of 40%). So even though you received $7,000 in Roth IRA contributions, you only received $4,000.
There are two types: Roth IRAs that are traditional and Roth. Traditional IRAs allow pre-tax contributions to be deducted from your taxable tax income. Your traditional IRA can be used to withdraw your balance and interest when you are retired. You can withdraw as much as you want from a traditional IRA.
A Roth IRA doesn't allow you to deduct your contributions. After you have retired, the full amount of your contributions and accrued interest can be withdrawn. There is no minimum withdrawal limit, unlike traditional IRAs. It doesn't matter if you are 70 1/2 or older before you withdraw your contribution.
Which precious metals are best to invest in retirement?
These precious metals are among the most attractive investments. Both can be easily bought and sold, and have been around since forever. If you want to diversify your portfolio, you should consider adding them to your list.
Gold: The oldest form of currency known to man is gold. It's stable and safe. It's a great way to protect wealth in times of uncertainty.
Silver: The popularity of silver has always been a concern for investors. It is an excellent choice for investors who wish to avoid volatility. Silver is more volatile than gold. It tends to rise rather than fall.
Platinium: Another form of precious metal is platinum, which is becoming more popular. It's durable and resists corrosion, just like gold and silver. It is, however, more expensive than its competitors.
Rhodium. Rhodium is used as a catalyst. It's also used in jewelry making. And, it's relatively cheap compared to other types of precious metals.
Palladium – Palladium is an alternative to platinum that's more common but less scarce. It is also cheaper. It's a popular choice for investors who want to add precious metals into their portfolios.
Can I buy gold using my self-directed IRA
However, gold can only be purchased with your self-directed IRA. To do so, you must first open a brokerage account at TD Ameritrade. If you have an existing retirement account, you can transfer funds to another 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 can contribute up to $1,000 annually ($2,000 if married and filing jointly) directly to a Roth IRA.
You should consider buying physical gold bullion if you decide to invest in it. Futures contract are financial instruments that depend on the gold price. You can speculate on future prices, but not own the metal. But physical bullion refers to real gold and silver bars you can carry in your hand.
- 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)
- 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)
- 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)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- Yahoo Finance provides information about Barrick Gold Corporation's (GOLD) stock price, news, quote, and history.
- 7 U.S. Code SS7 – Designation Boards of Trade as Contract Markets
- 26 U.S. Code SS 408 – Individual retirement account
- Fraud Advisory: Precious Metals Fraud
By: David Sencil
Title: Luetkemeyer’s Retirement Opens Door for Crypto-Friendly Leadership in House Banking Committee
Sourced From: news.bitcoin.com/luetkemeyers-exit-sets-up-potentially-crypto-friendly-turn-in-house-banking-committee/
Published Date: Mon, 08 Jan 2024 22:30:04 +0000