The U.S. Securities and Exchange Commission (SEC) has reported a highly productive year for its enforcement actions in the crypto industry. In its latest announcement, the SEC described fiscal year 2023 as impactful and fruitful for its efforts in regulating crypto asset securities. SEC Chairman Gary Gensler emphasized the benefits of the Division of Enforcement's work in protecting the investing public.
SEC's Fiscal Year 2023 Crypto Enforcement Actions
The SEC released its enforcement results for fiscal year 2023 on Tuesday, revealing a 3% increase in total enforcement actions compared to the previous year. SEC Chair Gary Gensler praised the Division of Enforcement's role as a watchdog, ensuring the investing public's well-being.
The SEC's focus on crypto assets during the year resulted in significant enforcement measures. These actions covered various areas within the cryptocurrency industry, including billion-dollar crypto fraud schemes, unregistered crypto asset offerings, platforms, intermediaries, and illegal celebrity endorsements. Notable cases involving Terraform Labs, Do Kwon, Richard Heart, FTX, Genesis, Gemini, Celsius, Kraken, Nexo, Beaxy, Bittrex, Binance, and Coinbase were highlighted by the SEC.
Fiscal year 2023 also marked the SEC's first actions against non-fungible token (NFT) issuers. Impact Theory LLC and Stoner Cats 2 LLC were charged in these cases, signaling the SEC's commitment to regulating the emerging NFT market.
The SEC also took action against influencers who promoted crypto asset securities without disclosing their compensation. Prominent individuals such as Paul Pierce, Kim Kardashian, Lindsay Lohan, Jake Paul, Michele Mason (Kendra Lust), Miles Parks McCollum (Lil Yachty), Shaffer Smith (Ne-Yo), Aliaune Thiam (Akon), DeAndre Cortez Way (Soulja Boy), and Austin Mahone were involved in these cases.
Last week, the Commodity Futures Trading Commission (CFTC) also reported a record number of crypto enforcement actions in fiscal year 2023. The CFTC's actions accounted for more than 49% of all actions filed during the period, demonstrating the increased regulatory focus on the digital asset commodities market.
What are your thoughts on the SEC's enforcement actions in the crypto industry? Share your opinions in the comments section below.
Frequently Asked Questions
What type of IRA is used for precious metals?
Most financial institutions and employers offer an Individual Retirement Account (IRA). This is an investment vehicle that most people can use. Through an IRA, you may contribute money to an account that grows tax-deferred until withdrawn.
An IRA lets you save taxes and pay them off later. This means that you can deposit more money into your retirement plan than have to pay taxes on it tomorrow.
The beauty of an IRA is that contributions and earnings grow tax-free until you withdraw the funds. There are penalties for early withdrawal if you do.
You can also contribute to your IRA beyond age 50 without penalty. If you decide to withdraw funds from your IRA while you are still working, you'll owe income-taxes and a 10% penalty.
Withdrawals that are made prior to the age of 60 1/2 are subjected to a 5% IRS tax penalty. For withdrawals made between the age of 59 1/2 & 70 1/2, a 3.4% IRS penalty will apply.
An IRS penalty of 6.2% applies to withdrawals above $10,000 per year.
Does a gold IRA earn interest?
It all depends on how much you invest in it. If you have $100,000 then yes. If you have less than $100,000, then no.
The amount of money you put into an IRA determines whether or not it earns interest.
If you invest more than $100,000 each year in retirement savings, you may want to open a regular brokerage instead.
There you will earn more interest, but also be exposed to higher risk investments. It's not a good idea to lose all of the money you have invested in the stock exchange.
An IRA is better if you have $100,000 to invest per year. At least until the market starts growing again.
How much money can a gold IRA earn?
The answer is yes, but not as much as you think. It all depends on your willingness to take on risk. It's possible to retire with $1 million if your retirement age is reached if you are able to put aside $10,000 per year for 20 consecutive years. If you try to put all your eggs into one basket, you will lose everything.
Diversify your investments. Inflation is a problem for gold. It is important to invest in assets that increase with inflation. Stocks perform this well because they rise whenever companies increase their profits. Bonds also do this well. They pay interest each and every year. So they're great during times of economic growth.
But what happens if there's no inflation? In times of deflation, stocks are more valuable than bonds. Investors should avoid investing all of their savings into one investment like a stock mutual funds or bond.
They should instead invest in a combination of different types of funds. They could invest both in stocks and bonds, for instance. They could invest in both cash as well as bonds.
So they can see both sides of each coin. Inflation and deflation. And they will still see a return over time.
- 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)
- SEP-IRA”Simplified employee pension” For self-employed people like independent contractors, freelancers, and small-business ownersSame tax rules as traditional IRASEP IRA contributions in 2022 are limited to 25% of compensation or $66,000, whichever is less4. (sltrib.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)
- You can only purchase gold bars of at least 99.5% purity. (forbes.com)
- Gold IRA, Add Some Sparkle to Your Retirement Nest egg
- Understanding China's Evergrande Crisis – Forbes Advisor
Precious metals approved by the IRA
Whether you're looking to save for retirement or invest for your next business venture, IRA-approved precious metals make great investments. Diversifying your portfolio can protect you from inflation with a variety of options, including silver coins and gold bars.
Two main types of investment products in precious metals are available. Bars and coins, which are physical bullion products, can be considered tangible assets as they are in tangible form. Exchange-traded Funds (ETFs), however, are financial instruments that track and report the price movements in an underlying asset. ETFs can track the movement of gold or other metals. ETFs trade like stocks on stock exchanges, which means investors can buy shares of them directly from the company issuing them.
There are many types of precious metals that you can purchase. Silver and gold are commonly used for jewellery making and decoration. However, platinum and palladium tend to be associated with luxury goods. Palladium has a tendency to retain its value longer than platinum making it an ideal choice for industrial uses. Although silver is useful for industrial purposes it is preferred for decorative uses.
Due to the higher cost of mining and refining materials, physical bullion items tend to be more expensive. However, they are generally safer than paper currencies and provide buyers with greater security. In particular, when the U.S. dollar is less powerful than it once was, consumers might lose confidence in the currency. 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.
Gold prices fluctuate based on supply and demand. Demand rises, and the price goes up. On the other hand, supply falls when demand exceeds demand. This dynamic creates opportunities for investors to profit from fluctuations in the price of gold. These fluctuations are good for investors who have physical bullion products as they get a better return on their investment.
Precious metals can't be affected by economic recessions. As long as demand remains strong, the price of gold will continue to rise. Precious metals, which are safe havens for times of uncertainty, are therefore considered to be safe havens.
The most sought-after precious metals are:
- Gold – Gold is the oldest precious metal. Gold is also called “yellow-metal”. Gold is a household name but it is rare underground element. Most of the gold reserves in the world are located in South Africa.
- Silver – Silver is the second most valuable precious metal after gold. Like gold, silver is mined from natural deposits. Silver, unlike gold, is often extracted from ore instead of rock formations. Because of its malleability and durability, as well resistance to tarnishing and conductivity, silver is widely used by industry and commerce. The United States accounts for more than 98% global silver production.
- Platinum – Platinum is the third most valuable precious metal. It can be used to make high-end medical equipment, fuel cells, and catalytic converters. In dentistry, platinum is used to make bridges, crowns, and fillings.
- Palladium – Palladium ranks fourth in the list of most valuable precious metals. Manufacturers are gaining more interest in palladium due to its strength & stability. Palladium is also used in electronics, automobiles, aerospace, and military technology.
- Rhodium- Rhodium, the fifth most precious precious metal, is also known as Rhodium. Rhodium is an extremely rare metal. However, its use for automotive catalysts makes it highly desirable.
- Ruthenium, the sixth most precious precious metal, is Ruthenium. Although there is a limited supply of palladium and platinum, ruthenium can be found in abundance. It is used in the manufacture of steel, aircraft engines, as well as chemical manufacturing.
- Iridium: Iridium (the seventh most valuable precious metallic) is the seventh. Iridium plays an important role in satellite technology. It is used to construct orbiting satellites that transmit television signals, telephone calls, and other communications.
- Osmium – Osmium is the eighth most valuable precious metal. Osmium's ability to withstand extreme temperatures makes it a common metal in nuclear reactors. It's also used in jewelry, medicine and cutting tools.
- Rhenium – Rhenium is the ninth most valuable precious metal. Rhenium can also be used in rocketry, oil refinement, and semiconductor manufacturing.
- Iodine — Iodine has the highest value of all precious metals. Iodine is used for photography, radiography and pharmaceuticals.
By: Kevin Helms
Title: SEC Announces Successful Year for Crypto Enforcement Actions
Sourced From: news.bitcoin.com/sec-announces-highly-productive-year-for-crypto-enforcement-actions/
Published Date: Thu, 16 Nov 2023 00:30:54 +0000