Anthony Pomplano, a well-known supporter and investor of Bitcoin, has outlined three key strategies for President-elect Donald Trump to promote the adoption of Bitcoin in the United States.
In a recent video, Pomplano suggested steps that could position the US as a leader in digital currencies.
Firstly, he recommended repealing Staff Accounting Bulletin No. 121 (SAB 121), a regulation that currently prevents banks from holding digital assets by categorizing them as liabilities. Pomplano argued that removing this restriction would allow banks to manage Bitcoin on behalf of clients, stimulating institutional demand and strengthening the cryptocurrency ecosystem in the US. Additionally, this move could give US financial institutions a competitive advantage in the global market.
Secondly, Pomplano proposed creating a national reserve for Bitcoin. He highlighted that the US government already holds approximately 200,000 BTC and suggested that preserving and growing these reserves, instead of selling them, would be a strategic decision. By emphasizing Bitcoin’s role as a store of value and a hedge against inflation, Pomplano believes that it has the potential to benefit the broader economy over time.
Lastly, Pomplano advocated for tax reforms to simplify Bitcoin transactions. Currently, Bitcoin is classified as property, subjecting transactions involving it to capital gains taxes. Pomplano proposed reforms that would remove barriers for consumers and businesses, making it easier to use Bitcoin for everyday transactions.
Implementing these measures, according to Pomplano, would allow the US to lead the global transition to digital currencies and strengthen its economic and technological influence. He contrasted this with other countries like El Salvador, which have already integrated Bitcoin into their economic strategies, inspiring similar efforts elsewhere.