Known for his strong support of Bitcoin, Anthony Pompliano, an influential investor, has suggested three strategic actions for President-elect Donald Trump to speed up Bitcoin acceptance within the United States. In a video, he laid out practical steps to help Trump take a leading role in the digital currency evolution.
Anthony Pompliano Proposes Repealing SAB 12
In my latest exploration on X, Anthony Pompliano suggested an intriguing idea: the repeal of Staff Accounting Bulletin No. 121 (SAB 121). At present, this rule restricts banks from possessing digital assets, forcing them to categorize these investments as liabilities. Pompliano posits that eliminating this constraint would empower banks to secure Bitcoin on behalf of their clients, thus bolstering institutional interest in cryptocurrencies.
As a researcher, I’ve been exploring the potential implications of Anthony Pompliano’s perspective. He posits that by allowing financial institutions to integrate Bitcoin into their assets, we could be fostering a stronger and more resilient ecosystem for this digital asset. This shift could potentially give U.S. banks an edge in the burgeoning global cryptocurrency market, setting them apart from competitors on the world stage.
It’s worth mentioning that the Chief Investment Officer of Bitwise also provided analysis on the rise of companies adopting Bitcoin during Trump’s supportive cryptocurrency policies. He particularly highlighted MicroStrategy’s bold approach towards Bitcoin and new Financial Accounting Standards Board (FASB) rules allowing businesses to record price fluctuations.
The Chief Investment Officer at Bitwise discussed the increasing use of Bitcoin by companies under Trump’s favorable crypto regulations, focusing on MicroStrategy’s aggressive stance on Bitcoin and the FASB guidelines that allow for recording changes in value.
Creating a Strategic Bitcoin Reserve for National Growth
One suggestion put forward by Anthony Pompliano involves creating a national Bitcoin reserves system. He pointed out that the U.S. government currently holds around 200,000 Bitcoins, which can be utilized as a starting point for setting up this kind of reserve.
Anthony Pompliano proposed it would be wise for the government to expand its ownership of Bitcoin instead of selling it off. He highlighted that Bitcoin’s rising role as a valuable asset and shield against inflation might bring long-term economic advantages.
The Bitcoin advocate added,
“If Bitcoin is good for individuals or corporations, it’s going to be good for the country, too.”
Due to the rising value and increasing use of Bitcoin, significant corporate actions and endorsements are taking place. Notably, Genius Group recently announced a $33 million rights offering aimed at boosting their Bitcoin Treasury to $86 million. This offering enables shareholders to buy shares priced at $0.50, with CEO Roger Hamilton intending to augment his ownership by 10.3%.
Tax Code Reforms Under Donald Trump
Additionally, Pompliano suggested that Donald Trump should consider revising tax regulations to alter Bitcoin’s current classification. At present, Bitcoin is categorized as a form of property, which means any transactions related to this cryptocurrency are liable for capital gains tax.
This categorization poses complications for consumers and companies aiming to employ Bitcoin for routine purchases. Pompliano suggested modifying the tax laws to remove these obstacles.
Or,
This grouping presents challenges for consumers and firms looking to utilize Bitcoin in everyday transactions. Pompliano proposed amending the tax system to overcome these hurdles.
As a researcher, I can affirm that Anthony Pompliano emphasized that implementing these strategies would catapult the U.S. into a leading role in the digital currency revolution, positioning us at the forefront of this transformative era.
As a researcher, I’m finding it intriguing that countries such as El Salvador have adopted Bitcoin into their national strategies. This innovation has sparked inspiration within me, particularly for jurisdictions like Bhutan’s Gelephu Mindfulness City (GMC). In line with this forward-thinking approach, GMC is considering the strategic holding of digital assets like Bitcoin, Ethereum, and BNB in their reserves. Their focus is on digital currencies with substantial market capitalizations and high liquidity.
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2025-01-15 07:35