David Sacks Has Been Appointed As The ‘AI & Crypto Czar’ In The Incoming Trump Administration - Sacks Is Likely To Lead The ‘Crypto Advisory Council,’ Which Will Be Tasked With Establishing A BTC Reserve, Among Other Crypto Policies. According to a statement from president-elect Donald Trump, Sachs will focus on ‘two areas critical to the future of American competitiveness:’ ‘[safeguarding] Free Speech online’ and ‘working on a legal framework so the Crypto industry has the clarity it has been asking for...’ Trump added that Sacks will also lead the Presidential Council of Advisors for Science and Technology. Sacks is also expected to lead a crypto advisory council, made up of key US crypto firms, according to reporting from Reuters in November. Trump promised he would create the council during his appearance at ‘Bitcoin 2024’ in Nashville in July when he also promised the establishment of a ‘bitcoin stockpile.’ According to the November report from Reuters, among the crypto council’s tasks will be the establishment of a BTC reserve or stockpile. Bloomberg reports that Sacks is expected to spearhead crypto ‘deregulation,’ in addition to providing ‘cryptocurrency advocates a direct line to the White House and serve as a liaison between Trump, Congress and the federal agencies that interface with digital assets…’ Bloomberg also reports that Sacks will act as ‘a special government employee,’ similar to Elon Musk in regards to his role leading DoGE. Additionally, Sacks can serve 130 days per year, ‘with or without compensation’ and will have to ‘recuse himself from matters that could impact his holdings,’ according to Bloomberg. Sacks’ touch-points and positions on crypto include: Sacks is a limited partner at Multicoin Capital since 2018; The investor has been described as a ‘Solana bull,’ having disclosed holding the network’s token. He believes Solana can overtake Ethereum as ‘the preferred platform.’ He is also the founder of Craft Ventures, which has invested in notable crypto firms like BitGo, Bitwise, Fold, Lightning Labs, and dYdX; Sacks believes in core BTC investment theses, viewing the asset as ‘better money.’ Takeaway: Sacks joins an incoming cabinet that is full of BTC and crypto proponents. From Defence Secretary nominee Pete Hegseth to incoming SEC head Paul Atkins, Trump is surrounded by individuals who are notable digital asset proponents. However, Sacks may play a key role in enacting Trump’s flagship crypto policy, the BTC reserve. In this regard, the crypto czar may prove to be a key appointment in regards to crypto. Having said that, the role is completely new and its actual power in the incoming US government remains to be seen.

• The UK's Financial Conduct Authority (FCA) warned that the Solana-based memecoin generator platform Pump.fun is unauthorized to operate in the UK. The regulator emphasized that the services offered by Pump.fun might be without required permissions and alerted the public about potential risks and missing protections under UK law. - [link](https://www.fca.org.uk/news/warnings/pumpfun) - @FCA • The FDIC asked financial institutions to pause cryptocurrency-related activities, according to a lawsuit from Coinbase. Coinbase sued the FDIC in June, claiming the agency aimed to disconnect the crypto industry from banks. The lawsuit, which seeks compliance with FOIA requests, highlights ongoing regulatory uncertainties and the issuance of 'pause letters' from March 2022 to May 2023. - [link](https://www.theblock.co/post/329817/fdic-asked-financial-institutions-to-pause-crypto-related-activity-according-to-letters-obtained-through-coinbase-lawsuit) - @TheBlock • MicroStrategy (NASDAQ: MSTR) acquired 21.55k BTC for USD 2.1B, at an average cost of USD ~98,783 per coin. The firm now holds 423,650 BTC which it acquired at an average cost of USD 60,324 per coin. - [link](https://www.microstrategy.com/press/microstrategy-acquires-21-550-btc-and-achieves-btc-yield-of-68-7-ytd-now-holds-423-650-btc_12-09-2024) - @MSTR • BTC miner Riot Platforms (NASDAQ: RIOT) announced a USD 500M private offering of convertible senior notes. Scheduled for 2030 maturity, the offering may expand by USD 75M if additional notes are purchased. The company plans to allocate the funds toward acquiring more BTC and for broader corporate expenses. - [link](https://www.riotplatforms.com/riot-platforms-announces-proposed-private-offering-of-500-million-of-convertible-senior-notes/) - @RIOT • Former Federal Reserve Bank of New York President Bill Dudley criticized the idea of a US BTC reserve, claiming it would not benefit most Americans. In a Bloomberg op-ed, Dudley argued that BTC’s volatility and lack of intrinsic value make it unsuitable as a government reserve. He highlighted the potential for price manipulation if the government were to buy significant amounts of BTC. Separately, this morning, the Bloomberg editorial board published a piece titled 'A Bitcoin Reserve Could Be the Biggest Crypto Scam Yet.' - [link](https://www.bloomberg.com/opinion/articles/2024-12-09/donald-trump-s-bitcoin-reserve-would-rip-off-taxpayers) - @Bloomberg • Radiant Capital attributed the USD 50M exploit it suffered in October to North Korean hackers. Hackers accessed a developer's computer by impersonating a former contractor via a Telegram message, which led to malware installation. Cybersecurity firm Mandiant identified the North Korean link but noted the investigation is ongoing. - [link](https://www.coindesk.com/tech/2024/12/09/radiant-capital-says-north-korean-hackers-behind-50-million-attack-in-october) - @CoinDesk • Standard Chartered and Virtu Financial are among firms intending to go to live on GFO-X, a new London-based crypto derivatives startup. Supported by M&G Investments, GFO-X aims to open early next year with offerings in BTC index futures and options. - [link](https://www.bloomberg.com/news/articles/2024-12-09/virtu-stanchart-join-new-uk-crypto-derivatives-trading-platform) - @Bloomberg

• Bloomberg: [A Bitcoin Reserve Could Be The Biggest Crypto Scam Yet](https://www.bloomberg.com/opinion/articles/2024-12-09/donald-trump-s-bitcoin-reserve-would-rip-off-taxpayers) • Financial News: [Why Ignoring Crypto Is No Longer An Option For Wealth Managers](https://www.fnlondon.com/articles/why-ignoring-crypto-is-no-longer-an-option-for-wealth-managers-e3019180) • South China Morning Post: [Hong Kong’s Crypto Faithful See Regulations As A Strength, Unsure Of ‘Unpredictable’ Trump](https://www.scmp.com/tech/policy/article/3289775/hong-kongs-crypto-faithful-see-regulations-strength-unsure-unpredictable-trump)

• [Crypto Lenders Emerge From The Ashes Of Last Speculative Bubble](https://www.bloomberg.com/news/articles/2024-12-06/crypto-lenders-emerge-from-the-ashes-of-last-speculative-bubble), Bloomberg, December 6, 2024 • Bloomberg discusses crypto lending markets.

• [Why Trump’s SEC Chair Pick, Paul Atkins, Is So Positive for Crypto](https://unchainedcrypto.com/why-trumps-sec-chair-pick-paul-atkins-is-so-positive-for-crypto/), Unchained Podcast, December 6, 2024 • Cody Carbone, president of crypto advocacy organization The Digital Chamber, discusses the next head of the SEC.