Crypto Council: Will Trump’s New Team Save the Day or Just Make Memes?

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In the grand theater of American politics, where the stage is set with the flickering lights of cryptocurrency, the crypto ecosystem stands poised for a potential renaissance under the watchful eye of President Donald Trump. The formation of a Crypto Council, a veritable council of wise men—or perhaps jesters—has emerged as a paramount priority. While the White House’s Crypto Council is expected to weave a tapestry of enhanced crypto policies, pro-XRP attorney John Deaton has taken it upon himself to outline four key areas that this body should prioritize. One can only hope they have a good sense of humor! 😂

Rumor has it that the Trump administration is preparing to assemble a Crypto Advisory Council, a motley crew of 24 members plucked from the crypto sector. Despite Trump’s initial reluctance to embrace crypto in his first executive orders, the crypto community remains buoyantly optimistic, perhaps too optimistic, about the government’s potential policies. After all, who doesn’t love a good plot twist? 🎭

John Deaton’s Crypto Council Highlights: A Closer Look

In a recent missive on X, the ever-astute XRP lawyer John Deaton laid bare his key concerns regarding Donald Trump’s forthcoming crypto policies. As the Crypto Council begins to take shape, Deaton has emphasized that the council’s top priorities should include the infamous SAB 121, the elusive Bitcoin reserve, crypto tax payments, and the ever-controversial crypto tax policies. Because who doesn’t love a good tax debate? 💰

At the pinnacle of his list lies the urgent dismissal of the Securities and Exchange Commission’s (SEC) Staff Accounting Bulletin 121 (SAB 121). According to Circle CEO Jeremy Allaire, this bulletin has made it exceedingly difficult for banks and financial institutions to hold crypto assets. Deaton, echoing Allaire’s sentiments, proclaimed, “Abolishing SAB 121 is foundational and allows Crypto to become part of the financial infrastructure in a global economy.” One can only wonder if they’ll throw a party to celebrate this monumental shift! 🎉

Bitcoin Reserve and Crypto Taxation

Moreover, the XRP lawyer proposed the establishment of a de facto Strategic Bitcoin Reserve (SBR) through a potential executive order. He emphasized the strategic importance of a Bitcoin reserve as a crucial crypto policy. Deaton elaborated,

“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 underscored the significance of crypto taxation in the Crypto Council’s policies. He argued that allowing citizens to pay taxes in crypto without incurring capital gains tax would be a monumental leap forward. Because who wouldn’t want to pay taxes in digital coins instead of boring old dollars? 💸

Another salient point he raised was the urgent need to reassess the classification of cryptocurrencies. The XRP lawyer contended that the IRS’s classification of crypto as property, subject to capital gains taxes, requires a thorough reevaluation. Perhaps they could hold a seminar on it—complete with snacks! 🍕

Memecoin Regulation vs SAB 121: Deaton’s Preference

In previous discussions, John Deaton had expressed a preference for memecoin regulations over the SAB 121 legislation, spurred by the recent memecoin frenzy. However, in a surprising twist, his latest post omitted any mention of memecoin regulations, instead placing SAB 121 at the forefront of his concerns. It seems the winds of change are blowing, or perhaps he just forgot his notes! 🤷‍♂️

The XRP lawyer’s call for memecoin regulations came amid the swirling controversies surrounding Trump’s TRUMP memecoin. Others, including Bill Morgan, have also highlighted the urgent need for comprehensive crypto regulations. Yet, Deaton’s recent omission of memecoin regulations leaves us all scratching our heads in wonder. Is it a plot twist or just a case of selective memory? 🧠

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2025-01-22 21:32