Anthony Pompliano, a prominent Bitcoin advocate and investor, has provided three strategic recommendations to President-elect Donald Trump, urging him to adopt policies that could boost Bitcoin adoption and strengthen the U.S. economy. In a video shared on January 14, Pompliano outlined these actions, proposing that they could position Trump as the “first Bitcoin president.”
Repeal SAB 121
Pompliano’s first suggestion focuses on the repeal of Staff Accounting Bulletin No. 121 (SAB 121), which currently prevents banks from holding digital assets on their balance sheets without labeling them as liabilities. By removing this regulation, Pompliano believes banks would be more inclined to hold Bitcoin on behalf of their customers, potentially driving up demand for the cryptocurrency.
Create a National Bitcoin Reserve
The second recommendation involves the establishment of a national Bitcoin reserve, a promise Trump had previously made. Pompliano noted that the U.S. government already holds around 200,000 BTC on its balance sheet and suggested that adding to this reserve—rather than selling it—would benefit the nation’s economy in the long term. He emphasized that if Bitcoin is advantageous for individuals and corporations, it would similarly benefit the country as a whole.
Revise the Tax Code for Bitcoin
Lastly, Pompliano urged Trump to reform the tax code to treat Bitcoin more favorably. Currently classified as property, Bitcoin transactions are subject to capital gains tax whenever it is used to purchase goods or services. Pompliano advocates for a more straightforward tax framework that could incentivize Bitcoin adoption and stimulate economic growth.
By enacting these changes, Pompliano believes that the U.S. could lead the world in the digital economy, fostering widespread Bitcoin adoption and economic growth.
Related topics:
Gemini to Pay $5M in Settlement with CFTC
Bitwise CEO Anticipates Boost in Crypto Mergers Under Trump Administration
Bithumb Meta Rebrands as Bithumb Partners with a Focus on Investments
