Anthony Pompliano Gives Trump 3 Key Actions to Boost Bitcoin Adoption

Anthony Pompliano, a well-known Bitcoin advocate and investor, has proposed three strategic measures for President-elect Trump to accelerate the popularity of Bitcoin in the United States. The first suggestion is to repeal the anti-crypto banking policy SAB 121. The regulation currently restricts banks from holding digital assets, requiring them to classify these assets as liabilities. Pompliano believes that removing this obstacle will allow banks to hold Bitcoin on behalf of their customers, which will promote institutional demand for cryptocurrencies. He pointed out that allowing financial institutions to include Bitcoin on their balance sheets could create a stronger ecosystem for digital assets. This change could also provide U.S. banks with a competitive advantage in the growing global cryptocurrency market. Another action proposed by Pompliano is to establish a national Bitcoin reserve. He emphasized that the U.S. government already owns about 200,000 Bitcoins, which can serve as a basis for establishing such a reserve. He suggested that it would be wise to increase the government's Bitcoin holdings rather than liquidate them. He emphasized that Bitcoin's growing utility as a store of value and hedge against inflation could be beneficial to the economy in the long run. Pompliano also urged Trump to introduce tax reforms to change the way current laws treat Bitcoin. Currently, Bitcoin is classified as property, which means that transactions involving cryptocurrencies are subject to capital gains tax. This classification creates complexity for consumers and businesses seeking to use Bitcoin for everyday transactions. Pompliano therefore suggested that the tax code be adjusted to remove these obstacles. Finally, he emphasized that these measures will put the United States at the forefront of the digital currency revolution.