Anthony Pompliano Shares 3 Key Actions For Trump To Boost Bitcoin Growth
Highlights
- Pompliano urges Trump to repeal SAB 121, enabling banks to hold Bitcoin and boosting demand for digital assets.
- He advises creating a U.S. national Bitcoin reserve, adding to the government’s 200,000 BTC holdings.
- Pompliano calls for tax reform to eliminate capital gains tax on Bitcoin payments.
Anthony Pompliano, a prominent Bitcoin advocate and investor, has proposed three strategic measures for President-elect Donald Trump to accelerate Bitcoin adoption in the United States. In a video, Pompliano outlined actionable steps to position Trump as a leader in the digital currency revolution.
Anthony Pompliano Proposes Repealing SAB 12
In a recent video on X, Anthony Pompliano’s first recommendation was to repeal Staff Accounting Bulletin No. 121 (SAB 121). This regulation currently limits banks from holding digital assets, requiring them to classify these holdings as liabilities. Pompliano argues that removing this barrier would allow banks to hold Bitcoin on behalf of their customers. This would foster institutional demand for cryptocurrency.
According to Anthony Pompliano, enabling financial institutions to incorporate Bitcoin into their balance sheets could create a more robust ecosystem for the digital asset. This change could also provide U.S. banks with a competitive edge in the growing global cryptocurrency market.
It is important to note that Bitwise Chief Investment Officer also shared insights on trends in corporate BTC adoption under Trump’s pro-crypto policies. He emphasized MicroStrategy’s aggressive Bitcoin strategy, new FASB rules enabling firms to record price gains,
Creating a Strategic Bitcoin Reserve for National Growth
Another action proposed by Anthony Pompliano was to establish a national Bitcoin reserve. He highlighted that the U.S. government already possesses approximately 200,000 Bitcoin, which could serve as a foundation for building such a reserve.
Anthony Pompliano suggested that increasing the government’s Bitcoin holdings, rather than liquidating them, would be a prudent move. He emphasized that Bitcoin’s growing utility as a store of value and hedge against inflation could benefit the economy in the long term.
The Bitcoin advocate added,
“If Bitcoin is good for individuals or corporations, it’s going to be good for the country, too.”
The growing Bitcoin prices and adoption have led to major corporate moves and acceptance. In a recent report, Genius Group approved a $33M rights offering to expand its Bitcoin Treasury to $86M. The offering allows shareholders to purchase shares at $0.50, with CEO Roger Hamilton planning to increase his stake by 10.3%.
Tax Code Reforms Under Donald Trump
Pompliano also urged Donald Trump to introduce tax reforms that would change how Bitcoin is treated under existing laws. Currently, Bitcoin is classified as property, meaning transactions involving the cryptocurrency are subject to capital gains tax.
This classification creates complexities for consumers and businesses seeking to use Bitcoin for everyday transactions. Pompliano proposed adjustments to the tax code to eliminate these barriers.
Moreover, Anthony Pompliano concluded his recommendations stressing that these measures will propel the United States to the forefront of the digital currency revolution.
Meanwhile, other countries like El Salvador have already integrated Bitcoin into their national strategies. This has inspired jurisdictions like Bhutan’s Gelephu Mindfulness City (GMC). GMC plans to hold Bitcoin, Ethereum, and BNB in its strategic reserves, focusing on digital assets with large market capitalizations and liquidity.
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