The U.S. Department of Justice Drops Second Trial Against FTX Founder Sam Bankman-Fried

Outrage in the Crypto Industry

The decision by the U.S. Department of Justice (DOJ) not to pursue a second trial against disgraced FTX founder Sam Bankman-Fried (SBF) has sparked outrage within the crypto industry. Crypto exchange Coinbase has called the decision a "miscarriage of justice." The move has raised questions and concerns about potential political influence.

Background on the Decision

The DOJ has announced that it will not proceed with the second trial against former FTX CEO Sam Bankman-Fried. This trial, which was scheduled to begin in March, would have addressed additional criminal charges, including campaign finance allegations.

Coinbase's Response

Paul Grewal, Coinbase's chief legal officer, expressed his disagreement with the DOJ's decision in a series of posts on social media platform X. He stated that dropping the campaign finance charges against SBF was a mistake. Grewal emphasized the importance of public interest in addressing campaign finance allegations and the need for answers to critical questions regarding the involvement of politicians and others.

Grewal also criticized the timing of the decision, as it was announced on a Friday night before a holiday. He believes this choice of timing only adds to public skepticism about the political aspects of the case.

Public Backlash on Social Media

Following the announcement, many individuals took to social media to express their outrage and disgust at the DOJ's decision. Some accused the department of corruption, calling the situation insane. The fact that campaign finance charges were separated from the fraud trial raised suspicions among critics.

Lawyer John Deaton questioned the timing of the decision, particularly in an election year. He highlighted the testimony of Caroline Ellison during the fraud trial, where she claimed that SBF gave $10 million to the Biden administration to "buy access." Deaton criticized the DOJ, stating that the department has become a joke.

Public Opinion

What are your thoughts on the DOJ's decision not to pursue a second trial against Sam Bankman-Fried? Share your opinions in the comments section below.

Frequently Asked Questions

What precious metals can you invest in for retirement?

The best precious metal investments are gold and silver. They're both easy to buy and sell and have been around forever. They are a great way to diversify your portfolio.

Gold: Gold is one of man's oldest forms of currency. It is stable and very secure. This makes it a good option to preserve wealth in uncertain times.

Silver: Investors have always loved silver. It is an excellent choice for investors who wish to avoid volatility. Silver is more volatile than gold. It tends to rise rather than fall.

Platinium is another precious metal that is becoming increasingly popular. Like gold and silver, it's very durable and resistant to corrosion. It is however more expensive than its counterparts.

Rhodium: The catalytic converters use Rhodium. It is also used to make jewelry. And, it's relatively cheap compared to other types of precious metals.

Palladium: Palladium has a similarity to platinum but is more rare. It's also much more affordable. It is a preferred choice among investors who are looking to add precious materials to their portfolios.

Is gold buying a good retirement option?

Buying gold as an investment may not seem very appealing at first glance, but when you consider how much people spend on average on gold per year worldwide, it becomes worth considering.

Physical bullion bar is the best way to invest in precious metals. However, there are many other ways to invest in gold. It is best to research all options and make informed decisions based on your goals.

If you don’t need a safe place for your wealth, then buying shares of mining companies or companies that extract it might be a better alternative. Owning gold stocks should work well if you need cash flow from your investment.

ETFs allow you to invest in exchange-traded funds. These funds give you exposure, but not actual gold, by investing in gold-related securities. These ETFs usually include stocks of precious metals refiners or gold miners.

Is the government allowed to take your gold

You own your gold and therefore the government cannot seize it. You have earned it by working hard for it. It belongs entirely to you. But, this rule is not universal. Your gold could be taken away if your crime was fraud against federal government. Additionally, your precious metals may be forfeited if you owe the IRS taxes. However, even if taxes are not paid, gold is still your property.

Who is the owner of the gold in a gold IRA

An individual who has gold is considered to be a “form of money” by the IRS and subject to taxation.

You must have at least $10,000 in gold and keep it for at most five years to qualify for this tax-free status.

Although gold can help to prevent inflation and price volatility, it's not sensible to have it if it's not going to be used.

If you plan on selling the gold someday, you'll need to report its value, which could affect how much capital gains taxes you owe when you cash in your investments.

It is a good idea to consult an accountant or financial planner to learn more about your options.

Should You Get Gold?

Gold was once considered an investment safe haven during times of economic crisis. Many people are shifting away from traditional investments like bonds or stocks to instead look toward precious metals such gold.

Although gold prices have shown an upward trend in recent years, they are still relatively low when compared to other commodities like oil and silver.

Experts believe this could change soon. They say that gold prices could rise dramatically with another global financial crisis.

They also noted that gold is growing in popularity because of its perceived value as well as potential return.

These are some important things to remember if your goal is to invest in gold.

First, consider whether or not you need the money you're saving for retirement. It's possible to save for retirement without putting your savings into gold. That said, gold does provide an additional layer of protection when you reach retirement age.
Second, you need to be clear about what you are buying before you decide to buy gold. Each one offers different levels security and flexibility.
Keep in mind that gold may not be as secure as a bank deposit. Your gold coins may be lost and you might never get them back.

You should do your research before buying gold. And if you already own gold, ensure you're doing everything possible to protect it.

How much should precious metals be included in your portfolio?

First, let's define precious metals to answer the question. Precious metals have elements with an extremely high worth relative to other commodity. This makes them extremely valuable for trading and investing. Gold is currently the most widely traded precious metal.

But, there are other types of precious metals available, including platinum and silver. The price of gold tends to fluctuate but generally stays at a reasonably stable level during periods of economic turmoil. It is not affected by inflation or deflation.

In general, all precious metals have a tendency to go up with the market. However, they may not always move in synchrony with each other. The price of gold tends to rise when the economy is not doing well, but the prices of the other precious metals tends downwards. This is because investors expect lower rates of interest, which makes bonds less attractive investments.

In contrast, when the economy is strong, the opposite effect occurs. Investors are more inclined to invest in safe assets, such as Treasury Bonds, and they will not demand precious metals. Since these are scarce, they become more expensive and decrease in value.

To maximize your profits when investing in precious metals, diversify across different precious metals. Additionally, since the prices of precious metals tend to rise and fall together, it's best to invest in several different types of precious metals rather than just focusing on one type.

Statistics

You can only purchase gold bars at least 99.5% purity. (forbes.com)
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)
If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
(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)
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)

External Links

How To

Tips for Investing with Gold

Investing in Gold has become a very popular investment strategy. This is because there are many benefits if you choose to invest in gold. There are many options for investing in gold. Some people purchase physical gold coins. Others prefer to invest their money in gold ETFs.

Before buying any type gold, it is important to think about these things.

First, you must check whether your country allows you to own gold. If so, then you can proceed. If not, you may want to consider purchasing gold from overseas.
Second, it is important to know which type of gold coin you are looking for. There are many options for gold coins: yellow, white, and rose.
The third factor to consider is the price for gold. It is best to start small and work your way up. It is important to diversify your portfolio whenever you purchase gold. You should invest in different assets such as stocks, bonds, real estate, mutual funds, and commodities.
Last but not least, remember that gold prices fluctuate frequently. Be aware of the current trends.

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By: Kevin Helms
Title: The U.S. Department of Justice Drops Second Trial Against FTX Founder 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

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