Trump’s crypto playbook: a White House role?

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Justin Sun, the founder of Tron, just dropped $6.24M on a duct-taped banana at Sotheby’s, smashing its $1.5M estimate. He’s calling it a “cultural phenomenon” and plans to eat it soon, proving that in the crypto world, even snacks can be high art.

News 📰

📞 Trump chats with Coinbase CEO: A phone call hints at crypto gaining serious political clout in Washington. (Fortune)

💼 Goldman-backed blockchain firm hunts for CEO: Fnality is on the lookout for a new leader as it navigates the blockchain space. (Bloomberg)

🤔 Logan Paul lookalike sparks BBC crypto drama: A doppelgänger stirs online debates over crypto-related accusations. (Variety)

🚨 Bluesky hit by crypto scams at 20M users: The decentralized Twitter rival faces a wave of scams as its user base soars. (Mashable)

💰 Monkey Tilt scores $30M for social gambling push: The startup wants to make online gambling a multiplayer experience. (Fortune)

🌊 China's yuan pushes boundaries in Saudi trade: Beijing edges closer to dethroning the dollar in global energy deals. (FT)

⚖️ FTX co-founder Gary Wang sentenced: The ex-exec gets six years in prison for his role in the crypto exchange's collapse. (The Guardian)

🤝 Trump’s media group eyes crypto expansion: Truth Social's parent company is in advanced talks to acquire Bakkt, a struggling crypto trading venue, in an all-share deal aimed at growing beyond social media. (FT)

🏛️ SEC's Mark Uyeda signals major crypto pivot: Uyeda suggests a smoother regulatory road ahead for the blockchain industry. (Fortune)

Trump eyes first-ever White House crypto role

Donald Trump’s transition team is exploring the creation of a dedicated White House position for cryptocurrency policy, signaling the industry’s growing influence in Washington.

Why it matters: If established, the role would mark the first time a U.S. administration has assigned a point person for digital assets, underscoring crypto’s increasing relevance in federal policymaking.

The plan: Trump’s team is vetting candidates to lead a potential crypto-focused office, acting as a liaison between Congress, regulators like the SEC and CFTC, and the White House. Industry leaders are pushing for the position to report directly to Trump.

The context: Throughout his campaign, Trump positioned himself as a crypto ally, promising to fire SEC Chair Gary Gensler, scale back regulations, and form a crypto advisory council. This week, Trump met with key crypto executives, including former Coinbase and Binance.US executive Brian Brooks, sparking speculation about their potential roles in the administration.

The bottom line: With Trump’s crypto-friendly stance and industry leaders jockeying for influence, the incoming administration could set the stage for sweeping changes in U.S. cryptocurrency policy.

Barry Silbert’s next big bet: Decentralized AI with Yuma

Barry Silbert, known for his early Bitcoin investments and the Digital Currency Group, is now diving into decentralized AI. His new venture, Yuma, aims to challenge AI giants like OpenAI and Google by building an AI network powered by blockchain.

What’s the pitch?

Yuma’s foundation is Bittensor, a blockchain project offering TAO tokens as incentives for contributors to build decentralized AI applications. Silbert envisions a future where AI services are distributed across a network of independent contributors, much like the decentralized model of Bitcoin.

The challenges…

Decentralized AI faces hurdles, including:

• Technical complexity: Competing with centralized giants that have colossal capital and colocation efficiencies.

• User experience: Crypto and decentralized projects often struggle with clunky interfaces, though Silbert believes AI can solve these design problems over time.

• Skepticism: Critics question if decentralized AI can match the computational power of centralized systems.

Why it might work: Silbert draws parallels to Bitcoin’s rise from obscurity to a $1 trillion asset class, suggesting that decentralized ownership of intelligence could mirror the success of decentralized money.

The vision: Silbert sees Yuma enabling thousands of AI subnets powered by a hidden crypto layer, making the technology seamless for users. Whether Yuma succeeds or not, it signals a new frontier for blockchain and AI convergence.

Luxury meets blockchain: Can 9dcc spark a Web3 revival?

As crypto prices surge following Donald Trump’s election win, brands like 9dcc—a self-proclaimed crypto-native luxury label—are betting on blockchain’s comeback to reconnect with customers.

Why it matters: Trump’s vow to make the U.S. the "crypto capital of the planet" and Bitcoin’s record highs are reigniting interest in blockchain, offering luxury brands new opportunities to engage with high-net-worth consumers.

The 9dcc approach: Founded by crypto influencer Gmoney in 2022, 9dcc integrates blockchain technology to link each product with a digital twin for authentication and post-sale engagement. The brand has hosted interactive events like treasure hunts and developed a white-label platform for other companies to leverage its tech infrastructure.

What’s changing?

Brands are moving beyond the NFT craze of 2021, focusing on practical blockchain uses. The EU’s push for digital product passports is also driving adoption. However, new projects are more measured, with blockchain tech becoming seamless and invisible to users.

The big picture: As luxury battles economic slowdowns, blockchain could tap into both wealth generated by crypto gains and regulatory shifts. The key challenge? Brands must provide compelling incentives for engagement—technology alone won’t build loyalty.

What’s next?

If the crypto market sustains momentum, expect brands to experiment with blockchain to drive traffic, reward loyalty, and capture the spending power of a resurgent crypto-rich audience.

WEB3 NOTES

Read: India Web3 space sees Trump influencing ‘crypto’ regulation. (CoinGeek)

Listen: Iggy Azalea explains why she’s gone all in on crypto. (Fast Company)