Welcome to The Protocol

CoinDesk’s weekly summary of crucial developments in cryptocurrency technology.

Featured Stories:

• Trump’s Crypto Team
  President-elect Donald Trump continues to make high-profile appointments that profoundly embrace cryptocurrency and emerging technologies in his second term.

1. Stephen Miran, now Chair of the Council of Economic Advisers, advocates for integrating blockchain into the U.S. economy.
2. Bo Hines, a former football player, will lead the newly established Crypto Council, focusing on a balance between innovation and consumer protection in digital assets regulation.
3. David Sacks, a respected Silicon Valley figure, takes up the role of AI and Crypto Czar, aiming to unify blockchain and AI initiatives to enhance U.S. influence in these sectors. These actions indicate a significant change from Trump’s former stance on digital currencies, raising questions about their implications in policy amidst regulatory complexities.

• Aptos Leadership Transition: Mo Shaikh, co-founder of Aptos Labs, steps down, passing the CEO reins to co-founder Avery Ching, though Shaikh remains as a strategic adviser. This transition emphasizes Aptos’s achievements, including raising $400 million in venture capital and forming partnerships with BlackRock, Google, and others.

• Sonic’s Airdrop Initiative: Sonic, a Layer 2 project on the Solana blockchain, plans to airdrop its native token, SONIC, to TikTok users, propelling decentralized finance outreach within social media. This effort aims to enhance user engagement with Layer 2 solutions.

• Additional Updates:

  • MicroStrategy has added 5,262 BTC to its reserves as it secures a place in the Nasdaq 100, reinforcing its Bitcoin strategy.
  • Nokia enters the cryptocurrency sector with patented technology for encrypting digital assets.
  • Ripple’s legal director calls on Congress to prioritize regulatory practices over technological restrictions.