Warren Davidson Rejects U.S. Treasury’s Crypto Policy, Calls it ‘Dishonest’

Warren Davidson Disagrees with U.S. Treasury's Crypto Policy Proposals

Warren Davidson, Vice Chairman of the Subcommittee on Digital Assets, Financial Technology, and Inclusion of the House Financial Services Committee, has rejected the policies put forward by the U.S. Treasury to regulate crypto assets. In an opinion post titled "Setting the record straight and debunking unworkable illicit finance proposals," Davidson argues that these suggestions, similar to those presented by Sen. Elizabeth Warren, aim to hinder the cryptocurrency industry in the United States.

Classifying Crypto Participants as Financial Institutions

The proposed policies would categorize wallet providers, miners, validators, and other network participants as a new group of crypto financial institutions. This classification would subject them to the same reporting standards as traditional financial institutions.

Davidson criticizes Sen. Warren's claim that even validator node operators pose national security concerns, stating that this demonstrates a level of ignorance that is unbecoming of a policymaker.

The Objective Behind the Measures

Davidson believes that these measures are an attempt to effectively ban digital assets in the United States by burdening the industry with unworkable compliance requirements. He argues that the goal is to capitalize on the lack of understanding surrounding crypto assets.

Challenging the Link Between Cryptocurrency and Terrorism Financing

Davidson emphasizes that blockchain and cryptocurrency are not the preferred methods for terrorism financing, contrary to recent media reports. He highlights the incorrect claim that the terrorist group Hamas raised over $93 million in digital assets. He suggests that this misinformation has been used to support policies that aim to dismantle the future of the crypto industry in the United States.

Promoting Crypto Companies in the U.S.

Davidson argues that instead of implementing these policies, the focus should be on attracting more crypto companies to the United States. He warns that the proposed framework will only drive companies and capital offshore if approved, making it difficult to achieve the goal of combating illicit activities in the crypto space.

What are your thoughts on Warren Davidson's stance on crypto regulation? Share your opinions in the comments section below.

Frequently Asked Questions

How do you choose an IRA.

Understanding your account type will help you find the right IRA. This includes whether your goal is to open a Roth IRA (or a traditional IRA). It is also important to determine how much money you have to invest.

The next step is determining which provider fits your situation best. Some providers offer both accounts and others only specialize in one.

The fees associated with each option should be considered. Fees may vary from one provider to another and could include annual maintenance fees as well. One example is that some providers charge a monthly subscription based upon the number of shares you hold. Others may only charge one quarter.

What is the cost of gold IRA fees

An individual retirement account's average annual fee (IRA) costs $1,000. There are many types to choose from, such as Roth, SEP, SIMPLE, traditional and Roth IRAs. Each type has its own set of rules and requirements. You may be required to pay taxes on earnings earned from investments that aren't tax-deferred. The amount of time you intend to keep the money must be considered. If you have a long-term goal of holding on to your money, you'll be able to save more money if you open a Traditional IRA.

A traditional IRA allows you to contribute up to $5,500 per year ($6,500 if you're 50 or older). The Roth IRA allows unlimited contributions each year. The difference is simple. With a traditional IRA you can withdraw the money when you retire and pay no taxes. With a Roth IRA, however, any withdrawals will be subject to taxes.

Is it a good idea to have an IRA that holds gold and silver?

If you are looking for an easy way to invest in both gold and silver at once, then this could be an excellent option for you. There are also many other options. We are happy to answer any questions you may have about these types of investments. We are always here to help!

Can a gold IRA earn any interest?

It all depends upon how much money you invest. If you have $100,000 to spare, then yes. If you have less than $100,000, then no.

The amount you deposit into an IRA will affect its potential to earn interest.

If you have more than $100,000 in retirement savings each year, you might consider opening a regular brokerage accounts.

While you may earn more interest there than elsewhere, you are also exposed to more risky investments. You don't want to lose all of your money if the stock market crashes.

An IRA may be better for you if your annual income is less than $100,000. You can do this until the market grows again.


  • The maximum yearly contribution to an individual's IRAs is currently $6,000 ($7,000 for those 50 years or older), or 100% of earned income, whichever is less. (monex.com)
  • The IRS also allows American Eagle coins, even though they do not meet gold's 99.5% purity standard. (forbes.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)
  • 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)

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How To

How to Open a Precious Metal IRA

Precious metals remain one of the most highly-valued investment options. They offer investors higher returns than traditional investments, such as bonds and stocks. This is why they are so popular. But, it is important to do your research and plan carefully before investing in precious metals. This is what you need to know before you open your precious metal IRA.

There are two types of precious metal accounts. They are paper gold and silver certificates (GSCs) and physical precious metals accounts. Each type has its pros and cons. GSCs can be traded and access physical precious metals accounts, which offer diversification benefits. Read on to find out more.

Physical precious metals accounts are comprised of bullion and bars as well as coins. This option offers diversification benefits but also has some drawbacks. You will need to pay a lot of money for precious metals, whether you are buying, selling, or storing them. Due to their size, it can be difficult for them to be transported from one place to another.

However, paper silver and gold certificates are relatively cheap. They can also be traded online and are easily accessible. They are ideal for those who don't wish to invest in precious metals. They aren’t as diversifiable as their physical counterparts. Also, since they're backed by government agencies such as the U.S. Mint, the value of these assets could decrease if inflation rates rise.

If you open a precious metal IRA, choose the right account for your financial situation. The following are important factors to consider before opening an IRA.

  1. Your tolerance level
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  5. Which tax treatment would you prefer?
  6. Which precious metal(s) you'd like to invest in
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  10. Your income level
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After you have determined the type of precious metal IRA that best suits you, you can open an account with a reputable dealer. These companies can also be found online, through word-of mouth or referrals.

Once your precious metal IRA has been opened, you'll need decide how much money you wish to invest. Each precious metal IRA account requires a minimum initial deposit. Some account require just $100, while some allow you to put up to $50,000.

The amount you invest in your precious-metal IRA is entirely up to you, as stated above. If you're looking to build wealth over a long period, you should probably opt for a larger initial deposit. A lower initial deposit may be better if you plan to invest smaller amounts of money each month.

As far as the actual precious metals used in your IRA go, you can purchase any number of different types of investments. These are the most commonly used:

  • Bullion bars. Rounds, and gold coins.
  • Silver – Rounds or coins
  • Platinum – Coins
  • Palladium – Bar and round forms
  • Mercury – Round and Bar Forms


By: Sergio Goschenko
Title: Warren Davidson Rejects U.S. Treasury's Crypto Policy, Calls it ‘Dishonest'
Sourced From: news.bitcoin.com/congressman-warren-davidson-rails-against-treasurys-red-herring-arguments-on-crypto/
Published Date: Fri, 12 Jan 2024 06:30:25 +0000

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