The Future of Crypto Regulation: Rep. Luetkemeyer’s Retirement Paves the Way for Crypto-Friendly House Banking Committee

With the retirement announcement of Rep. Blaine Luetkemeyer (R-Mo.) at the end of 2024, there is a potential shift in the landscape of cryptocurrency regulation. This opens up the opportunity for Rep. French Hill (R-Ark.) to lead the charge in the House Financial Services Committee, potentially bringing about more progressive crypto legislation.

Potential for Progressive Crypto Legislation with New Leadership in House Financial Services Committee

The retirement decision of Rep. Luetkemeyer could have significant implications for the future of cryptocurrency regulation. As the current chair, Patrick McHenry, is set to leave the committee in early 2025, there is a possibility for a more crypto-friendly chairmanship. This has the potential to shape the direction of crypto legislation in the House Financial Services Committee.

Rep. Luetkemeyer, who currently serves on the committee, had shown interest in running for McHenry's chairmanship. However, with his retirement, Rep. French Hill (R-Ark.) emerges as a key figure. Hill is known for his leadership of the committee's digital assets panel and his involvement in crypto-related legislation, particularly concerning stablecoins. He has expressed his intent to introduce and pass two crypto regulation bills on the floor in early 2024.

Ron Hammond, the Director of Government Relations at the Blockchain Association, highlights Hill's bipartisan approach and his focus on cryptocurrency. While Luetkemeyer was not against crypto, Hammond believes that it would not have been a top priority under his chairmanship, unlike under Hill or McHenry.

Rep. Hill truly believes in the potential of crypto as a new asset class and its significance in the future. In an interview with Forbes, when asked about the importance of upcoming crypto-specific legislation, he stated:

"I think it says that members of Congress recognize that Web3 innovation, blockchain innovation, the earliest stage of innovation here is growing; that there's a demand among institutional investors and consumers. If we don't facilitate that framework, then you're going to see that engagement move offshore."

As Luetkemeyer and McHenry step down, the GOP Steering Committee will consider various factors, including legislative performance and fundraising capabilities, to determine their replacements in 2025.

Rep. Hill is widely considered a top contender for the House Financial Services chair position. Other potential candidates include Rep. Bill Huizenga (R-Mich.) and Rep. Andy Barr (R-Ky.), with their chances depending on the Republicans retaining control of the House after the upcoming elections.

What are your thoughts on the increasing acceptance of crypto among US politicians? Share your opinions in the comments section below.

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The supply and demand for gold affect the price of gold. It is also affected by interest rates.

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You'll have to pay taxes if you take your gold out of your IRA. You will be liable for income taxes and penalties if you take the entire amount.

Even if your contribution is small, you might not have to pay any taxes. However, there are some exceptions. For example, taking out 30% or more of your total IRA assets, you'll owe federal income taxes plus a 20 percent penalty.

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Statistics

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)
(Basically, if your GDP grows by 2%, you need miners to dig 2% more gold out of the ground every year to keep prices steady.) (smartasset.com)
Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)

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A rising trend in gold IRAs

Investors seek diversification and protection against inflation by using gold IRAs.

Owners of the gold IRA can use it to invest in physical bars and bullion gold. It can be used for tax-free growth and provides an alternative investment option for those concerned about stocks and bonds.

A gold IRA allows investors to manage their assets without worrying about market volatility. The gold IRA can be used to protect against inflation or other potential problems.

Investors also enjoy the benefits of owning physical gold, which includes its unique properties such as durability, portability, 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.

This is why the gold IRA has become increasingly popular with investors looking to provide financial security during times of financial uncertainty.

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By: David Sencil
Title: The Future of Crypto Regulation: Rep. Luetkemeyer's Retirement Paves the Way for Crypto-Friendly 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

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