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☀️Good morning. It's Thursday, Dec. 19, and we're covering, Supreme Court To Hear TikTok Appeal Against Looming U.S. Ban, OpenAI Brings ChatGPT To Landlines And WhatsApp, Trump Rejects Bipartisan Funding Plan, Sparking Shutdown Fears, and much more. First time reading? Sign up to get this newsletter: Sign up here.  

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MARKETS

Cryptocurrency Prices by Market Cap

• The global cryptocurrency market cap today is $3.52 Trillion, a 3.34% decrease in the last 24 hours.

• The total crypto market volume over the last 24 hours is $261.79B, which makes a 26.56% increase.

• The total volume in Defi is currently $18.6B, 7.10% of the total crypto market 24-hours.

• The total volume of all stablecoins is now $243.51B, which is 93.02% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 56.98%, an increase of 0.34% over the day.

Powell: Fed Will Not Hold Bitcoin, No Plans To Change Policy

Federal Reserve Chair Jerome Powell stated that the Fed is not permitted to hold Bitcoin and has no plans to seek a policy change to allow it. His comments follow discussions about President-elect Donald Trump’s proposal to establish a U.S. Strategic Bitcoin Reserve, which could include seized bitcoin holdings worth $21 billion. Bitcoin’s value, which has more than doubled this year to over $100,000, dipped following Powell’s remarks.(Read Deeper)

BUSINESS & FINANCE

Supreme Court To Hear TikTok Appeal Against Looming U.S. Ban

The U.S. Supreme Court will hear TikTok and ByteDance’s bid to block a law requiring the sale of TikTok by January 19 or face a nationwide ban due to national security concerns. The government argues that TikTok, as a Chinese-owned app, poses risks by potentially exposing sensitive user data to foreign adversaries. TikTok denies these claims, asserting the law violates First Amendment free speech protections and would cause significant economic harm, including a loss of U.S. users, advertisers, and creators.

Takeaway: The Supreme Court will hear TikTok’s arguments on January 10 but has not yet ruled on TikTok's emergency request to pause the law. The case occurs amidst rising U.S.-China tensions and could set a precedent for handling foreign-owned apps. Critics worry the law undermines free speech and innovation, while proponents argue it protects against foreign influence. The decision could have far-reaching implications for digital policy and U.S.-China relations. (Read Deeper)

Honda And Nissan Explore Merger Talks Amid EV Competition

Honda and Nissan are reportedly in early talks about a potential merger to strengthen their positions in the competitive electric vehicle (EV) market, particularly in China. This follows earlier agreements to collaborate on EV technology and batteries, with Mitsubishi Motors also potentially joining the partnership. The discussions are in their initial stages, with no guarantee of a deal. Nissan’s shares rose over 23% on the news, while Honda’s fell by 3%, reflecting mixed market reactions.

Takeaway: Both automakers are losing market share in China, where nearly 70% of global EV sales occur, and are struggling to compete with cheaper EV makers like BYD. Analysts are skeptical about whether a merger would significantly improve their competitiveness. Any merger would face challenges, including political scrutiny in Japan over potential job cuts and the need for Nissan to reassess its alliance with Renault. (Read Deeper)

TECHNOLOGY & SCIENCE

Chinese Self-driving Trucking Company TuSimple Rebrands To CreateAI, Focuses On Video Games

Chinese autonomous trucking company TuSimple has rebranded as CreateAI, shifting its focus to generative AI for video games and animation after struggling in the self-driving industry. The company plans to reduce AAA game production costs by 70% within five to six years, leveraging its AI expertise. CEO Cheng Lu projects breaking even by 2026, driven by a video game based on Jin Yong’s martial arts novels.

Why It Matters: The rebrand follows challenges including safety concerns, legal issues, and delisting from the Nasdaq. CreateAI has launched its first AI model, Ruyi, and is collaborating on Three-Body Problem projects. It plans to expand its workforce despite U.S. restrictions on Chinese access to advanced semiconductors, which it claims have not impacted operations. Shareholder support has been strong, but the pivot's long-term success remains uncertain. (Read Deeper)

OpenAI Brings ChatGPT To Landlines And WhatsApp

OpenAI has launched ChatGPT for landlines, allowing users to interact with the AI assistant by calling 1-800-CHATGPT. This new feature mirrors Advanced Voice Mode but focuses solely on real-time conversation without multimodal support. Users in the U.S. can make 15 minutes of free calls, with standard carrier fees applying. OpenAI introduced ChatGPT on WhatsApp, providing a straightforward text-based interaction without requiring an account.

Takeaway: Users won’t need an account to access the service, but there are daily usage limits, and users are encouraged to switch to the app or desktop for extended chats. OpenAI is working on adding features like image analysis and web search to the WhatsApp integration. This new integration was born out of OpenAI’s recent hack week, where the team rapidly developed the service in just a few weeks, aiming to make AI more widely available. (Read Deeper)

AROUND DE WORLD & POLITICS

Trump Rejects Bipartisan Funding Plan, Sparking Shutdown Fears

President-elect Donald Trump has rejected a bipartisan plan to extend government funding, demanding that House Republicans renegotiate to include a controversial debt limit increase. The proposed funding package, which included $100.4 billion in disaster relief and other measures, faced opposition from hardline conservatives and criticism from billionaire Elon Musk, a key Trump ally.

Takeaway: The move has thrown Congress into disarray just days before a government shutdown deadline. House Speaker Mike Johnson is under pressure to revise the plan and secure Trump’s approval as the clock ticks toward Friday’s deadline. The standoff highlights the challenges Republicans face in uniting their party before taking full government control in 2025. (Read Deeper)

FG Proposes N49.7tn Budget For 2025, Plans N13tn Borrowing To Finance Deficit

President Bola Tinubu has proposed a N49.7 trillion budget for 2025, titled "Budget of Restoration: Securing Peace, Rebuilding Prosperity," which prioritizes defense, infrastructure, and human capital development. The budget allocates N8.97 trillion for defense, security, and infrastructure projects, such as the Lagos-Calabar Coastal Highway. Significant funds are also directed toward education (N3.52 trillion) and health (N2.48 trillion).

Takeaway: Key assumptions include a decline in inflation to 15% and an improved exchange rate of N1,500 per dollar. Despite challenges like inflation and insecurity, Tinubu is optimistic about the economy’s growth. He acknowledged Nigeria's GDP growth of 3.46% in Q3 2024 and the positive impacts of his administration's reforms. The government expects N34.82 trillion in revenue but faces a projected N13.39 trillion deficit, to be financed through borrowing. (Read Deeper)

ENTERTAINMENT & SPORTS

Chelsea Stand By Mykhailo Mudryk Amid Doping Allegations

Chelsea manager Enzo Maresca has voiced the club's support for winger Mykhailo Mudryk, who has been provisionally suspended by the FA after a failed drug test. Mudryk, 23, denies knowingly taking a banned substance. The suspension bars him from training or playing with the team. Maresca emphasized the club's trust in Mudryk's innocence and expressed hope for his return. (Read Deeper)

Fury's Father Unlikely To Be In Corner for Usyk Rematch

Tyson Fury’s head coach, SugarHill Steward, has indicated that Fury’s father, John Fury, will likely not be part of his corner team for the rematch against Oleksandr Usyk on Saturday in Riyadh. Fury, who lost to Usyk on points in their first encounter, faced criticism for the chaotic dynamic in his corner during that bout, with multiple voices offering conflicting instructions. Steward confirmed a streamlined setup this time, with himself, assistant coach Andy Lee, and a cutman forming the corner team. (Read Deeper)

PODCAST(WHAT WE ARE LISTENING TO)

• The US government plans to buy 1 million Bitcoin. Is this desperation for the US government or innovation? (Listen)

EXTRA BREVITI

• The Federal Reserve lowered its benchmark interest rate by 0.25% to a range of 4.25%-4.50% at its latest meeting. (Read More)

• El Salvador has agreed to scale back its controversial Bitcoin policies in exchange for a $1.4 billion loan agreement with the International Monetary Fund (IMF). (Read More)

• Amazon Workers to Strike During Holiday Season Over Contract Disputes. (Read More)