Anthony Pompliano, a well-known Bitcoin advocate and investor, has outlined three key actions he believes President-elect Donald Trump should take to accelerate Bitcoin adoption in the United States. In a recent video, Pompliano proposed strategic measures to help the U.S. become a global leader in the cryptocurrency space.
1. Repeal SAB 121 to Enable Bitcoin Holdings by Banks
Pompliano’s first recommendation is for Trump to repeal Staff Accounting Bulletin No. 121 (SAB 121), a regulation that currently prevents U.S. banks from holding digital assets like Bitcoin. Instead, this regulation requires banks to classify cryptocurrency holdings as liabilities. Pompliano argues that removing this restriction would allow banks to hold Bitcoin on behalf of their customers, fostering institutional demand for digital assets and positioning U.S. financial institutions at the forefront of the growing global crypto market.
2. Create a National Bitcoin Reserve
Pompliano’s second suggestion involves the establishment of a U.S. national Bitcoin reserve. The U.S. government already holds around 200,000 Bitcoin, and Pompliano proposes that this number be increased rather than liquidated. He views Bitcoin as an increasingly valuable store of value and hedge against inflation, emphasizing that expanding the government’s Bitcoin holdings could benefit the economy long term. He also noted, “If Bitcoin is good for individuals or corporations, it’s going to be good for the country, too.”
3. Tax Code Reform to Eliminate Capital Gains Tax on Bitcoin Payments
Lastly, Pompliano advocates for tax code reform to eliminate the capital gains tax on Bitcoin payments. Currently, Bitcoin is classified as property, meaning transactions involving the cryptocurrency are subject to capital gains tax. This creates complexities for both consumers and businesses looking to use Bitcoin for everyday transactions. By reforming the tax code, Pompliano believes the U.S. could simplify Bitcoin’s usage and promote wider adoption of digital currencies.
Conclusion
Pompliano concluded that these three actions would help position the United States as a leader in the digital currency revolution, providing a competitive edge in the evolving global crypto market. While countries like El Salvador have already integrated Bitcoin into their national strategies, the U.S. has the opportunity to strengthen its position by adopting these pro-Bitcoin policies.
As more corporate players such as MicroStrategy aggressively pursue Bitcoin strategies and other countries explore digital asset reserves, Pompliano’s proposed actions could help solidify the U.S.’s dominance in the digital currency space.
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