Ndax Weekly TL;DR December 9th

• Trump Names David Sacks as AI and Crypto Policy Lead in New White House Role
• Solana Proposes Block Compute Limit Increase to Boost Transactions and Efficiency
• Canada's Unemployment Rate Jumps, Boosting Odds of Jumbo Bank of Canada Rate Cut
• Arbitrum One Becomes First Layer-2 Network to Reach $20 Billion in TVL
   

US President-elect Donald Trump has appointed venture capitalist David Sacks as the White House’s first AI and Crypto Czar, a role designed to shape regulatory policies for artificial intelligence and cryptocurrency. Sacks, who will also chair the Presidential Council of Advisors for Science and Technology, is tasked with fostering a crypto-friendly regulatory environment and enhancing American competitiveness in emerging technologies. Acting as a liaison between the administration, Congress, and agencies like the SEC and CFTC, Sacks is expected to advocate for clearer legal frameworks for AI and crypto. His appointment underscores Trump’s ambition to position the US as a global leader in these sectors. cryptonews

Solana developers have proposed an increase in the network’s block compute limit from 48 million to 50 million units to enhance transaction capacity and efficiency. The proposal aims to improve transaction processing without compromising network stability, with a focus on non-vote transactions. The change is still in draft form, and further adjustments may be made before final approval. The adjustment is seen as a step towards greater scalability while maintaining balance and performance. CryptoSlate

Canada's unemployment rate increased by 0.3 percentage points to 6.8% in November, while the economy added a net 50,500 jobs, raising expectations for a potential 50 basis point interest rate cut from the Bank of Canada. The unemployment rate, the highest since January 2017 (excluding the pandemic period), reflects a mismatch between job growth and the expanding labor force. Despite a significant gain in full-time jobs, particularly in the public sector, the rise in unemployment suggests economic struggles, particularly in private sector growth. The jobs report has led to increased market speculation that the Bank of Canada may opt for a 50 basis point rate cut, with economists divided between a 25 or 50 basis point reduction. Yahoo Finance

Arbitrum One, a layer-2 cryptocurrency platform, has reached a significant milestone by becoming the first layer-2 network to hit $20 billion in total value locked (TVL). This includes $6.64 billion in canonical value, $5.32 billion in external value, and $8.12 billion in native value. Arbitrum's ongoing Stage 2 upgrade aims to address some issues, including fraud-proof submissions and security council actions. Additionally, the Arbitrum Foundation is promoting AI development with a $1 million grant to support AI projects on the platform. cryptonews

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News Nuggets

• Solana ETFs Face SEC Approval Delays Amid Administration Transition cryptonews
• Celsius Founder Alex Mashinsky Pleads Guilty to Fraud cryptonews
• Crypto Phishing Scams Expected to Surge During Holiday Season Cointelegraph
• XRP Ledger Lowers Reserve Requirement to 1 XRP, Easing Wallet Funding Cointelegraph
• Hong Kong Introduces Comprehensive Stablecoin Regulatory Framework CryptoSlate
• Trump Nominates Pro-Crypto Advocate Paul Atkins as New SEC Chair CryptoSlate
• Virgin Voyages Becomes First Cruise Line to Accept Bitcoin for New Annual Pass Cointelegraph
• Ripple Aims for Year-End Launch of RLUSD Stablecoin cryptonews

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Mark your calendars!

• Dec 11 – Canada Interest Rate Announcement 
• Dec 11 – US Core CPI Announcement
• Dec 12 – US Initial Jobless Claims Announcement 
• Dec 16 – Arbitrum Token Unlock 

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