Anthony Pomplano, a prominent Bitcoin advocate and investor, outlined three key strategies for President-elect Donald Trump to encourage adoption of the leading digital asset in the US.
In a recent video, Pomplano suggested steps that could position the US as a leader in digital currencies.
Repeal of SAB 121 for institutional acceptance of Bitcoin
The expert’s first recommendation was to eliminate Staff Accounting Bulletin No. 121 (SAB 121), a regulation that restricts banks from holding digital assets by categorizing them as liabilities. He argued that removing this restriction would enable banks to manage PTS on behalf of clients, which would stimulate institutional demand and strengthen the U.S. cryptocurrency ecosystem. Furthermore, the move could provide US financial institutions with a competitive advantage in the global market.
Creating a national reserve for Bitcoin
Creating a national reserve for the leading cryptocurrency was another proposal of Pomplano. He pointed out that the U.S. government already holds approximately 200,000 BTC and suggested that preserving and growing these reserves, rather than selling them, would be a strategic move. Emphasizing Bitcoin’s role as a store of value and a hedge against inflation, he highlighted its potential to benefit the broader economy over time.
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Tax reforms to simplify Bitcoin transactions
Pomplano also advocated for a review of tax laws that currently classify the digital asset as property, subjecting transactions with it to capital gains taxes. He proposed reforms to simplify the use of BTC for everyday transactions by removing barriers for both consumers and businesses.
According to Pomplano, by implementing these measures, the U.S. could lead the global transition to digital currencies, strengthening its economic and technological influence. He contrasts this with other countries, such as El Salvador, that have already integrated Bitcoin into their economic strategies, inspiring similar efforts elsewhere.