Ndax Weekly TL;DR January 27th

• Trump Pledges to Position US as Global Crypto Leader During Davos Speech
• Vitalik Buterin Proposes Incentives to Strengthen Ether’s Role in Ethereum’s Scaling Ecosystem 
• SEC Rescinds Crypto Accounting Rule SAB 121 
• Ripple Requests April Deadline for Cross-Appeal Brief in SEC Legal Battle 
   

Speaking at the World Economic Forum in Davos, President Donald Trump announced plans to make the United States the "world capital of crypto and AI," marking his first direct mention of cryptocurrency since taking office. Trump emphasized reducing costs to enhance manufacturing competitiveness and drive growth in emerging industries. While his inaugural address omitted crypto-related priorities, Trump has made pro-crypto appointments, including Caroline Pham as acting CFTC chair and Mark Uyeda as acting SEC chair. Uyeda has since established a crypto task force aimed at clarifying regulations under the leadership of Commissioner Hester Peirce. CryptoSlate

Ethereum co-founder Vitalik Buterin has called for measures to reinforce Ether (ETH) as the cornerstone of Ethereum’s Layer 1 and Layer 2 economies. In a recent post, he advocated for mechanisms such as fee burning, staking, and supporting ETH as primary collateral to enhance its value and utility. The proposals aim to address challenges like declining ETH market share and criticism of the Ethereum Foundation. Buterin also suggested increasing Ethereum’s blob count and introducing a minimum price for blobs as potential revenue streams. However, he cautioned against relying solely on favorable demand projections. These discussions arise as the Ether-to-Bitcoin ratio drops to 2021 levels amid growing competition. CoinDesk

The US Securities and Exchange Commission (SEC) has officially revoked the controversial Staff Accounting Bulletin (SAB) 121, a rule requiring financial firms holding crypto assets to report them as liabilities. Initially implemented in March 2022, the rule faced heavy criticism from the crypto industry, lawmakers, and financial experts for complicating crypto custody and stifling innovation. SEC Commissioner Hester Peirce and Senator Cynthia Lummis celebrated the repeal, calling it a step toward fostering crypto innovation in the US. This marks the first significant crypto-related move under President Trump and acting SEC Chair Mark Uyeda. Cointelegraph

Ripple Labs has requested a deadline of April 16 for its cross-appeal brief in its ongoing legal case against the US Securities and Exchange Commission (SEC). This request, filed on January 23, follows a previous SEC filing on January 15, in which the commission disagreed with a New York District Court ruling that XRP sold to retail investors was not considered a security. The SEC also argued that XRP distributed as employee compensation and in business dealings should be classified as securities. While Ripple won a partial victory in the 2023 ruling, the company was still ordered to pay over $125 million for offering XRP in institutional sales. Cointelegraph 

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News Nuggets

• Mark Uyeda Appointed Acting SEC Chair Following Gary Gensler's Resignation CryptoSlate
• Bitwise Dogecoin ETF Registered in Delaware as Interest in Crypto ETFs Grows Cryptonews
• Ethereum's ERC-7779: Enhancing Smart Account Interoperability and Wallet Usability Cointelegraph 
• MicroStrategy Faces Potential Tax Liability on $19 Billion in Unrealized Bitcoin Gains Cointelegraph 
• US Regulator Proposes Rule to Hold Crypto Wallets Accountable in Hacks CryptoSlate
• El Salvador Adds 12 BTC to Reserves, Reaffirming Its Bitcoin Strategy Amid All-Time High Beincrypto
• Cynthia Lummis nominated to chair new Senate Banking Subcommittee on Digital Assets CryptoSlate

As of 01-27-2025 at 8:30 AM EST
Market Summary

• Over the past seven days, the global cryptocurrency market capitalization has decreased from CA$5.27 trillion to CA$4.93 trillion.
• Bitcoin's market dominance stands at 58.3%, while Ethereum's share is 11%.

Performance

• Over the past 24 hours, the price of BTC has fluctuated between CA$141K and CA$149K registering a 6% change over the past week and a market cap of CA$2.9 trillion. (At time of writing)

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Mark your calendars!

• Jan 29 – Canada Interest Rate Announcement 
• Jan 29 – US Interest Rate Announcement 
• Jan 31 – US Core PCE Announcement 

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