The U.S. Securities and Exchange Commission (SEC) has reportedly set a deadline of Dec. 29 for spot bitcoin ETF applicants to finalize their filing amendments. According to reports, the SEC has told spot bitcoin ETF issuers that applications that are fully updated and filed by this Friday will be considered in the first wave of its spot bitcoin ETF decision.
Spot Bitcoin ETF Applicants Given Deadline for Filing Amendments
The U.S. Securities and Exchange Commission (SEC) reportedly instructed spot bitcoin exchange-traded fund (ETF) applicants during their meetings last week to finalize the amendments to their registration statements (S-1s) by Dec. 29 to be considered in the first wave of spot bitcoin ETF decision.
Fox Business journalist Eleanor Terrett shared on social media platform X on Dec. 24:
"Confirming the date for final amendments to all S-1s by Friday the 29th. The SEC has told issuers that applications that are fully finished and filed by Friday will be considered in the first wave. Anyone who is not will not be considered."
Moreover, she noted that the SEC has emphasized to the applicants that their spot bitcoin ETF filings cannot mention the in-kind creation method or the applications will not be considered. The regulator has pushed for the use of the cash creation method. "The filings cannot mention in-kind creation or they will be rejected," Terrett wrote.
Meetings Held with Spot Bitcoin ETF Applicants
SEC officials held meetings last Thursday with representatives from at least seven companies seeking to launch a spot bitcoin ETF early next year, Reuters reported, citing public memos and insiders. Key participants in these discussions included Blackrock, Grayscale Investments, ARK Invest, and 21shares, the news outlet conveyed, adding that the meetings also included representatives from exchanges where the spot bitcoin ETFs could be traded, such as Nasdaq and Cboe.
Executives from two companies who engaged with the SEC on Thursday told the publication that the regulator suggested during the meeting that approval for the proposed ETFs could come in the first few business days of 2024. They noted that the issuers would be directly notified of the effective date for their ETF launch requests. The first deadline for a spot bitcoin ETF decision next year is Jan. 10 for a joint spot bitcoin ETF proposal from Ark and 21shares.
Expectations for Approval of Multiple Spot Bitcoin ETFs
There are currently 13 spot bitcoin ETF applications pending at the SEC. Many expect the regulator to approve multiple spot bitcoin ETFs at once. Blackrock recently revealed its plan to seed its spot bitcoin ETF with $10 million on Jan. 3. Former SEC internet enforcement chief John Reed Stark said approving spot bitcoin ETFs could be SEC Chair Gary Gensler's legacy. Gensler issued a warning about investing in crypto last week amid soaring anticipation of spot bitcoin ETF approval.
What do you think about the SEC setting Dec. 29 as the deadline for spot bitcoin ETF applicants? Do you think the regulator is preparing to approve multiple spot bitcoin ETFs in early January? Let us know in the comments section below.
Frequently Asked Questions
What should I pay into my Roth IRA
Roth IRAs can be used to save taxes on your retirement funds. The account cannot be withdrawn from until you are 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. You cannot touch your principal (the amount you originally deposited). This means that regardless of how much you contribute to an account, you cannot take out any more than you initially contributed. If you wish to withdraw more than you originally contributed, you will have to pay taxes.
The second rule is that you cannot withdraw your earnings without paying income taxes. So, when you withdraw, you’ll pay taxes on those earnings. Consider, for instance, that you contribute $5,000 per 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. That leaves you with only $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 your Roth IRA ended up having $7,000, you only got $4,000.
There are two types of Roth IRAs: Traditional and Roth. Traditional IRAs allow pre-tax contributions to be deducted from your taxable tax income. You can withdraw your contributions plus interest from your traditional IRA when you retire. You have the option to withdraw any amount from a traditional IRA.
Roth IRAs do not 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 amount, unlike traditional IRAs. You don’t need to wait until your 70 1/2 year old age before you can withdraw your contribution.
What are the advantages of a gold IRA
It is best to put your retirement money in an Individual Retirement Account (IRA). You can withdraw it at any time, but it is tax-deferred. You have complete control over how much you take out each year. And there are many different types of IRAs. Some are better suited to college savings. Some are for investors who seek higher returns. Roth IRAs, for example, allow people to contribute after they turn 59 1/2. They also pay taxes on any earnings when they retire. Once they start withdrawing money, however, the earnings aren’t subject to tax again. This type account may make sense if it is your intention to retire early.
An IRA with a gold status is like any other IRA because you can put money into different asset classes. Unlike a regular IRA, you don’t have to worry about paying taxes on your gains while you wait to access them. This makes gold IRA accounts excellent options for people who prefer to keep their money invested instead of spending it.
Another benefit to owning IRA gold is the ability to withdraw automatically. This means that you don’t need to worry about making monthly deposits. To ensure that you never miss a payment, you could set up direct debits.
Finally, the gold investment is among the most reliable. Its value is stable because it’s not tied with any one country. Even in times of economic turmoil, gold prices tend not to fluctuate. As a result, it’s often considered a good choice when protecting your savings from inflation.
Can I have a gold ETF in a Roth IRA
You may not have this option with a 401(k), however, you might want to consider other options, like an Individual retirement account (IRA).
Traditional IRAs allow for contributions from both employees and employers. Another option is to invest in publicly traded corporations with an Employee Stockownership Plan (ESOP).
An ESOP gives employees tax advantages as they share the stock of the company and the profits it makes. The tax rate on money that is invested in an ESOP is lower than if it was held in the employees’ hands.
An Individual Retirement Annuity (IRA) is also available. With an IRA, you make regular payments to yourself throughout your lifetime and receive income during retirement. Contributions to IRAs will not be taxed
Should You Invest in Gold for Retirement?
It depends on how much you have saved and if gold was available at the time you started saving. Consider investing in both.
Gold is a safe investment and can also offer potential returns. This makes it a worthwhile choice for retirees.
While most investments offer fixed rates of return, gold tends to fluctuate. Its value fluctuates over time.
However, it doesn’t necessarily mean that you shouldn’t invest your money in gold. Instead, it just means you should factor the fluctuations into your overall portfolio.
Another advantage to gold is that it can be used as a tangible asset. Gold is much easier to store than bonds and stocks. It can also be transported.
Your gold will always be accessible as long you keep it in a safe place. You don’t have to pay storage fees for physical gold.
Investing in gold can help protect against inflation. You can hedge against rising costs by investing in gold, which tends to rise alongside other commodities.
Also, you’ll reap the benefits of having some savings invested in something with a stable value. When the stock market drops, gold usually rises instead.
You can also sell gold anytime you like by investing in it. You can also liquidate your gold position at any time you need cash, just like stocks. It doesn’t matter if you are retiring.
If you do decide to invest in gold, make sure to diversify your holdings. Don’t put all your eggs on one basket.
Also, don’t buy too much at once. Start by purchasing a few ounces. You can add more as you need.
It’s not about getting rich fast. It is to create enough wealth that you no longer have to depend on Social Security.
Even though gold is not the best investment, it could be an excellent addition to any retirement plan.
How to Open a Precious Metal IRA
It is important to decide if you would like an Individual Retirement Account (IRA). Once you have decided to open an Individual Retirement Account (IRA), you will need to complete Form 806. For you to determine the type and eligibility for which IRA, you need Form 5204. This form must be submitted within 60 days of the account opening. Once this is done, you can start investing. You might also be able to contribute directly from the paycheck through payroll deduction.
For a Roth IRA you will need to complete Form 8903. The process for an ordinary IRA will not be affected.
To be eligible to have a precious metals IRA you must meet certain criteria. The IRS states that you must be at least 18 and have earned income. Your earnings cannot exceed $110,000 per year ($220,000 if married and filing jointly) for any single tax year. Additionally, you must make regular contributions. These rules will apply regardless of whether your contributions are made through an employer or directly out of your paychecks.
An IRA for precious metals allows you to invest in gold and silver as well as platinum, rhodium, and even platinum. However, you can’t purchase physical bullion. This means that you will not be allowed to trade shares or bonds.
To invest directly in precious metals companies, you can also use precious metals IRA. Some IRA providers offer this option.
An IRA is a great way to invest in precious metals. However, there are two important drawbacks. They aren’t as liquid as bonds or stocks. It is therefore harder to sell them when required. Second, they don’t generate dividends like stocks and bonds. You’ll lose your money over time, rather than making it.
What is a Precious Metal IRA?
A precious metal IRA allows for you to diversify your retirement savings in gold, silver, palladium and iridium. These rare metals are often called “precious” as they are very difficult to find and highly valuable. These are good investments for your cash and will help you protect yourself from economic instability and inflation.
Bullion is often used for precious metals. Bullion is the physical metal.
Bullion can be bought through many channels, including online retailers, large coins dealers, and some grocery shops.
A precious metal IRA lets you invest in bullion direct, instead of purchasing stock. You’ll get dividends each year.
Precious metal IRAs do not require paperwork nor annual fees, unlike regular IRAs. Instead, you only pay a small percentage on your gains. You also have unlimited access to your funds whenever and wherever you wish.
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 your business grows, you might consider renting out office space or desks. So you don’t have all the hassle of paying rent. You only pay one month.
You also need to consider what type of business you will run. In my case, I am running a website creation company, so we charge clients around $1000-2000/month depending on what they order. This is why you should consider what you expect from each client if you’re doing this kind of thing.
As freelance work requires you to be paid freelancers, your monthly salary won’t be as high as mine. This means that you may only be paid once every six months.
Decide what kind of income do you want before you calculate how much gold is needed.
I would recommend that you start with $1k-2k worth of gold and then increase your wealth.
Statistics
- 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)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- 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)
- Contribution limits$6,000 (49 and under) $7,000 (50 and up)$6,000 (49 and under) $7,000 (50 and up)$58,000 or 25% of your annual compensation (whichever is smaller) (lendedu.com)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
External Links
finance.yahoo.com
bbb.org
wsj.com
- Saddam Hussein’s InvasionHelped Uncage a Bear In 90 – WSJ
- You want to keep gold in your IRA at home? It’s Not Exactly Lawful – WSJ
irs.gov
How To
Gold IRAs: A Growing Trend
Investors are increasingly turning to gold IRAs as a way to diversify and protect their portfolios from inflation.
Owners can invest in gold bars and bullion with the gold IRA. This IRA can be used to grow your wealth tax-free and is an alternative option to stocks and bonds.
Investors can have confidence in their investments and avoid market volatility with a gold IRA. They can also use the gold IRA as a protection against potential problems like inflation.
Investors also get the unique benefits of owning physical Gold, including its durability, portability, flexibility, and divisibility.
Additional benefits of the gold IRA include the ability to quickly pass ownership to heirs. Additionally, the IRS does not consider gold a money or a commodity.
Investors looking for financial security are increasingly turning to the gold IRA.
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By: Kevin Helms
Title: SEC Sets Deadline for Spot Bitcoin ETF Applicants, First Wave Decision to Follow
Sourced From: news.bitcoin.com/sec-sets-deadline-for-spot-bitcoin-etf-applicants-3-days-left-to-update-filings-for-early-january-decision/
Published Date: Wed, 27 Dec 2023 03:30:07 +0000
