Weekly Market Highlights: Kamala Harris Advocates for Crypto Innovatio

China Implements Post-Pandemic Stimulus to Combat Economic Deflation

On September 27, 2024, China's central bank announced its largest post-pandemic stimulus as a means to tackle economic deflation. This significant move underscores the government's commitment to revitalizing the economy amidst the ongoing financial uncertainties.

Kamala Harris Advocates for AI and Digital Assets Innovation

In a recent announcement, Vice President Kamala Harris expressed the administration's intention to foster innovation in AI and digital assets. She emphasized the importance of striking a balance between promoting technological growth while simultaneously protecting investors and consumers.

BNY Mellon Expands into Crypto Custody Market

BNY Mellon is taking a significant step into the cryptocurrency sector by entering the custody market for Bitcoin and Ethereum exchange-traded funds (ETFs). This initiative comes after receiving regulatory approval from the SEC, indicating a growing acceptance of digital assets in traditional finance.

Latest Developments in the Crypto Space

Layer 1 and Layer 2 Innovations

In an exciting development, Franklin Templeton announced plans to launch a mutual fund leveraged on the Solana blockchain, aiming to enhance investor access to digital assets.

Additionally, DuckChain, the pioneering TON Layer 2 project utilizing Arbitrum Orbit, has launched its testnet, attracting an impressive user base of over 2 million. This project has the backing of TONScale Labs and Arbitrum, highlighting the increasing interest in Layer 2 solutions.

Meanwhile, Eclipse prepares to launch its mainnet next month, becoming the first Ethereum Layer 2 utilizing the Solana Virtual Machine for transactions.

Decentralized Finance (DeFi) Enhancements

The decentralized finance aggregator Zapper is boosting its presence within the Polkadot ecosystem by supporting Moonbeam Network. This strategic move aims to enhance user access to diverse DeFi services.

Furthermore, Cega, a protocol specializing in decentralized exotic derivatives, has unveiled its Vault Token Market (VTM). This market will enhance liquidity, utility, and flexibility for its users' investments.

Stablecoin Developments

U.S. Congresswoman Maxine Waters has called for a bipartisan agreement on stablecoin regulations by the end of 2024. At a recent committee hearing held on September 24, she highlighted the necessity for robust federal regulations and protections for consumers.

In response to ongoing competition in the stablecoin space, Celo, an Ethereum Layer 2 focused on mobile-first dApps, is challenging Tron's dominance with nearly 700,000 daily active stablecoin addresses, according to recent data from Artemis.

Ethena Labs has also introduced a new stablecoin project, UStb, in collaboration with BlackRock and the digital securities platform, Securitize.

Industry Highlights

In noteworthy news, Binance Exchange has achieved a significant milestone by processing over $100 trillion in crypto trades since its inception in 2017. Additionally, Binance has launched the Binance Pre-Market, enabling users to trade certain Launchpool tokens before their official spot market listing.

In another innovative step, Guggenheim Treasury Securities announced plans to issue $20 million in tokenized commercial paper on the Ethereum blockchain, positioning itself at the forefront of blockchain integration in traditional finance.

In legal news, a judge in New York has ruled that the DOJ's case against Tornado Cash developer Roman Storm will proceed to trial, set to potentially impact the regulatory landscape surrounding privacy protocols.

Latest Research Publications from Binance

Stay informed with Binance Research's latest publications:

Conclusion

As we navigate through rapid advancements in cryptocurrency and blockchain technology, staying updated on legislative, financial, and developmental trends is crucial for investors and enthusiasts alike. The evolving landscape presents many opportunities and challenges that will shape the future of finance.

Weekly Market Highlights: Kamala Harris Advocates for Crypto Innovation