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Highlights
- XRP lawyer John Deaton explains the four major focus areas that the Crypto Council should consider.
- Deaton's list includes SAB 121, Bitcoin reserve, crypto tax payments, and crypto taxation policies.
- Deaton omits memecoin regulations though he previously prioritized it over SAB 121.
The US crypto ecosystem is foreseeing potential developments under President Donald Trump, with the formation of a Crypto Council being a top priority. While the White House’s Crypto Council is expected to enhance crypto policies, pro-XRP attorney John Deaton outlined four key areas the body should prioritize.
Reportedly, the Trump administration will create a Crypto Advisory Council including 24 members from the crypto sector. Despite Trump’s exclusion of crypto from his first executive orders, the crypto community remains optimistic about the government’s potential policies.
John Deaton’s Crypto Council Highlights: A Closer Look
In his recent X post, XRP lawyer John Deaton highlighted his key concerns for Donald Trump’s upcoming crypto policies. As the Crypto Council takes shape, Deaton emphasized that the council’s top priorities should be SAB 121, Bitcoin reserve, crypto tax payments, and crypto tax policies.
At the top of the list was the dismissal of the Securities and Exchange Commission’s (SEC) Staff Accounting Bulletin 121 (SAB 121). As per Circle CEO Jeremy Allaire’s statement, SAB 121 made it difficult for banks and financial institutions to hold crypto assets. Reinforcing Allaire’s opinion, John Deaton stated, “It [SAB 121 abolition] is foundational and allows Crypto to become part of the financial infrastructure in a global economy.”
Bitcoin Reserve and Crypto Taxation
Further, the XRP lawyer suggested the establishment of a de facto SBR through a potential executive order. Emphasizing the strategic Bitcoin reserve as an important crypto policy to be included, Deaton added,
He could order the creation of a cryptographic escrow locking up the 200K BTC, currently owned by the USG, for 20 years. This serves as a de facto SBR – an asset owned by the USG, with no intent to sell.
In addition, John Deaton highlighted the significance of crypto taxation in the Crypto Council’s policies. According to him, allowing people to pay taxes in crypto without incurring capital gains tax would be a significant step forward.
Another key point he emphasized was the need to reassess the classification of cryptocurrencies. The XRP lawyer stated that the IRS’s classification of crypto as property, subject to capital gains taxes, needs reevaluation.
Memecoin Regulation vs SAB 121: Deaton’s Preference
Previously, John Deaton pinpointed his preference for memecoin regulations over the SAB 121 legislation, triggered by the recent memecoin frenzy. However, his recent post surprisingly omitted memecoin regulations and instead highlighted SAB 121 as the primary concern.
The XRP lawyer’s demand for memecoin regulations came amid controversies surrounding Trump’s TRUMP memecoin. Others including Bill Morgan have also highlighted the emergency of introducing comprehensive crypto regulations. However, John Deaton’s recent omission of memecoin regulations remains speculative.
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