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John Deaton’s Top Crypto Demands for Donald Trump: SAB 121 In Crosshairs

    • The U.S. cryptocurrency community is optimistic about the establishment of Donald Trump’s new Crypto Advisory Council.

    • The council will include 24 industry experts who are expected to influence significant changes in crypto regulations.

    • Attorney John Deaton has outlined key priorities, including addressing SAB 121, creating a Bitcoin reserve, and reforming crypto tax policies.

American cryptocurrency communities look forward to Donald Trump establishing a new Crypto Advisory Council.

Leading figures like XRP supporter John Deaton shared the critical issues they want Trump’s upcoming Crypto Advisory Council to address.

Now that government representatives are discussing rules related to SAB 121, Bitcoin reserves, and crypto taxes, the cryptocurrency industry is watching closely for possible changes.

John Deaton Pushes for Bitcoin Reserve Plan

The abolition of the SEC’s Staff Accounting Bulletin121 (SAB 121) has been identified as a critical priority.

SAB 121 have stopped financial companies from adding new crypto features into their businesses. This hampers their ability to create new products.

John Deaton and his team say taking SAB 121 away might help crypto become a permanent part of economic systems worldwide.

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The bulletin has upset major companies like Circle, whose CEO Jeremy Allaire says it limits their business.

Getting rid of this rule is the basic move needed for banks to trust and accept cryptocurrency.

If the policy gets changed, the U.S. can help shape new rules that use cryptocurrency better and more effectively.

Deaton wants the U.S. government to create a reserve made up of Bitcoin for Donald Trump’s cryptocurrency plans.

He suggests keeping the 200,000 BTC the U.S. government holds locked behind a secure digital lock and not allowing access for 20 years.

He thinks this action will make the country safer and tell everyone that the government wants to work with crypto businesses.

If the U.S. sets up a Bitcoin reserve, it could make Bitcoin vital to our economy and help us withstand financial challenges.

Countries like ours aren’t alone in this; many are already setting up reserves in the same way.

Showing government commitment for 20 years will help investors feel more secure about putting their money into digital currencies.

Deaton Advocates Crypto Tax Policy Overhaul

Deaton believes that big changes must happen in how cryptocurrency taxes work. He suggests we should be able to pay our taxes with digital currency directly, and do so without facing extra taxes on the currency’s gain.

Right now, the IRS treats your cryptocurrency like any other asset, which means more complicated tax rules apply to you.

Clearer policies would make more people want to use crypto for their daily purchases. New crypto tax rules make following the laws simple and clear for both people and companies.

Smooth tax rules would motivate new companies to start working with cryptocurrencies by removing obstacles.

Deaton used to concentrate on memecoin rules, but now he says they won’t get attention right away.

This change shows that officials are starting to understand bigger problems in the crypto market more clearly.

Donald Trump’s TRUMP memecoin and its controversies show why we urgently need laws to cover all aspects of cryptocurrencies.

Industry leaders like Bill Morgan want transparent policies that keep investors safe and ensure markets work correctly.

Today, companies are focusing on creating secure tech while following industry norms, and making sure basic problems are solved first.

What the Trump administration decides to do now will guide how crypto regulation develops next.

Donald Trump’s Crypto Council Brings Hope for Change

The upcoming White House Crypto Advisory Council has people working in crypto staying hopeful.

The upcoming council has 24 industry experts who can make serious changes to government policy.

Donald Trump didn’t focus much on cryptocurrency before, but this new move might be the start of something big.

Deaton focuses on three things crypto people care about most: better rules for fundraising, more transparency on Bitcoin holdings, and fairer crypto taxes.

When these key issues are solved, the U.S. government can become the top country for crypto use and progress.

It’s too soon to tell if these proposals will succeed, but the ongoing conversation shows readiness of the Donald Trump-led government to work with crypto industry stakeholders.

Disclaimer

The contents of this page are intended for general informational purposes and do not constitute financial, investment, or any other form of advice. Investing in or trading crypto assets carries the risk of financial loss. The forecasted data (also called “price prediction”) on this page are subject to change without notice and are not guaranteed to be accurate.

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Maxwell Mutuma
Maxwell Mutuma
Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. I write extensively on topics such as blockchain, cryptocurrency, tokens, and more for many publications. My goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.