The Outrage in the Crypto Industry
The recent decision by the U.S. Department of Justice (DOJ) to drop the second trial against Sam Bankman-Fried, the founder of FTX, has sparked outrage within the crypto industry. Leading cryptocurrency exchange Coinbase has gone so far as to label it a "miscarriage of justice." The decision has left many questioning the motives behind dropping the case, particularly in an election year.
Connections and Campaign Finance Charges
Sam Bankman-Fried was set to face a second trial in March, which would have addressed additional criminal counts, including campaign finance charges. This decision not to pursue these charges has raised eyebrows and brought attention to Bankman-Fried's connections within the political sphere. Notably, he had personal meetings with U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler and SEC staff.
Paul Grewal, Coinbase's chief legal officer, expressed his disagreement with the DOJ's decision through a series of social media posts. He described it as a mistake and emphasized the importance of public interest in a thorough examination of campaign finance charges. Grewal believes that questions surrounding what politicians and others knew and when they knew it are crucial and must be answered.
The timing of the decision has also drawn criticism. Grewal highlighted the fact that it was released on a Friday night before a holiday, which further fuels public cynicism about the political nature of the case. Many individuals took to social media to express their outrage, describing the decision as outrageous, sickening, and disgusting.
The Accusations of Corruption
Accusations of corruption have been leveled against the DOJ in light of this decision. One social media user pointed out that FTX had made significant contributions to Democrat campaign accounts, and the campaign finance charges were conveniently separated from the fraud trial. The decision to drop the second trial has led to speculation that it would have implicated numerous Democrats and Republicans In Name Only (RINOs). This case serves as a reminder of the corruption that exists within the government.
The Lawyer's Perspective
Lawyer John Deaton questioned the timing of the decision, particularly in an election year. During the fraud trial, a witness testified that Bankman-Fried had given $10 million to the Biden administration to "buy access." This resulted in two personal meetings with SEC Chairman Gary Gensler and other interactions with SEC staff. Deaton expressed his dissatisfaction with the DOJ's handling of the case, calling it a joke.
Your Opinion Matters
What are your thoughts on the DOJ's decision not to pursue a second trial against Sam Bankman-Fried? Share your views in the comments section below.
Frequently Asked Questions
What type of IRA is used for precious metals?
Many financial institutions and employers offer an individual retirement account (IRA) as an investment option. Through an IRA, you may contribute money to an account that grows tax-deferred until withdrawn.
You can save taxes and pay them later with an IRA. This allows you to save more money today and pay less taxes tomorrow.
An IRA has the advantage of allowing contributions and earnings to grow tax-free until you withdraw your funds. There are penalties for early withdrawal if you do.
You can also make additional contributions to your IRA after age 50 without penalty. If you choose to take withdrawals from your IRA during retirement, you'll owe income taxes and a 10% federal penalty.
Withdrawals before age 59 1/2 will be subject to a 5% IRS penal. 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.
Can I store my gold IRA account at home?
Online brokerage accounts are the best way for you to invest your money. You'll have access to all the same investment options as if you were working with a traditional broker, but you don't need special licenses or qualifications. You don't have to pay any fees for investing.
In addition, many online brokers offer free tools to help you manage your portfolio. Online brokers will allow you to download charts so that you can see the performance of your investments.
Which precious metals are best to invest in retirement?
First, you need to understand what you have and where you are spending your money. To find out how much money you have, take a inventory of everything that you own. This includes stocks, bonds and mutual funds, as well as certificates of deposit (CDs), life policies, annuities and 401(k), plans, real estate investments and other assets, such precious metals. Take all of these items and add them together to find how much you have left for investment.
If you are under 59 1/2 you should consider opening a Roth IRA Account. A traditional IRA allows you to deduct contributions from your taxable income, while a Roth IRA doesn't. However, you won't be able to take tax deductions for future earnings.
If you decide you need more money, you will likely need to open another investment account. You can start with a regular brokerage account.
- 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)
- If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal so that 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)
How to start buying silver with your IRA
How to start buying Silver with Your IRA – The best method to invest directly in silver or gold is through the direct ownership of physical bullion. Silver coins and bars are the most popular form of investment because they offer diversification, liquidity, and convenience.However, many prefer owning physical bullion over paper certificates or electronic currency.
There are several options to purchase precious metals, like gold or silver. You can either buy them directly from their producers like mining companies or refiners. You can also buy bullion products from dealers, but this will not save you the trouble of dealing with producers directly.
This article will tell you how to start investing with your IRA in silver.
- Investing directly in Gold & Silver – This is your first choice for buying precious metals. This involves getting the bullion and having it delivered to your doorstep. Some investors keep their bullion at home, while others store it in a secure storage unit. Protect your precious metal by storing it correctly. Many storage facilities offer insurance that covers theft, fire, and damage. Even with insurance, your investments could be damaged by natural disasters or human error. You should always store your precious metals safely in a bank safe deposit box or credit union.
- Buying Precious Metals Online – If you'd rather avoid carrying around heavy boxes of precious metal, then one alternative is to buy bullion online. Bullion dealers can sell bullion in various forms, including bars or coins. Coins are available in a variety of sizes, shapes, designs, and colors. Coins are generally easier to transport than bars and more affordable. There are many different sizes and weights available for bars. Some bars are heavy and weigh hundreds of pounds while others only weigh a few grams. A good rule of thumb when selecting which type of bar you should get is to look at what you plan to use it for. It might be a good idea to choose something smaller if it is intended to be given as a gift. If you are looking to add it as a gift, or to proudly display it, you may want to spend a bit more and buy something larger.
- Buying Precious metal from Dealers-A third option is buying bullion through a dealer. Most dealers only specialize in one type of market, either silver or gold. Some dealers are experts in specific types of bullion such as rounds and minted coins. Others specialize in specific regions. Some specialize in bulk purchasing. You will be able to find competitive prices and simple payment options no matter who dealer you choose.
- Buy Precious Metals Through Retirement Accounts. Although it is not considered an “investment”, investing in retirement accounts can provide exposure to precious metals. A qualified retirement account is required to invest in precious metals in order to qualify for Section 219 IRS Code tax benefits. These accounts include IRAs. These accounts are designed to help you save for retirement and often provide higher returns than other investment vehicles. These accounts also allow you to diversify across multiple metals. What is the drawback? The drawback? Only people who work for employers that sponsor them can invest in these accounts.
By: Kevin Helms
Title: The Controversial Decision by the U.S. Department of Justice Not to Pursue Second Trial Against 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