This week, the cryptocurrency market was mostly stable, though Bitcoin fell 2.40%, dropping over 4% to around $58,000 on Thursday. This decline affected major cryptocurrencies like Ether, Solana, Cardano, BNB Chain, and XRP. The drop followed the release of U.S. CPI data despite positive stock market reactions.

In other revelations, Vice President Kamala Harris aims to maintain the Biden administration’s strict stance on cryptocurrency regulations, working with former advisers Brian Deese and Bharat Ramamurti, who opposed the Clarity for Payment Stablecoins Act of 2023 for being too lenient.

According to Alex Thorn from Galaxy, this choice signals a continuation of strict crypto regulations.

Follow along as we unveil the six key crypto news stories from the past week to keep you updated. 

For transparent and decentralized crypto trading and to list your crypto token for free, visit our website and follow Melega Finance (@meleganews) on X for more on all things cryptocurrency.

TOP CRYPTO NEWS RECAP (August 11-17, 2024)

●      Arbitrum DAO Approves Proposal to Enhance ARB Token Utility and Governance Security

●      Circle Proposes New Risk Model for Stablecoin Management

●      Tron Surpasses Ethereum in Revenue Amid Stablecoin Innovations

●      First Bitcoin-Leveraged ETF Launches in US, Targeting Sophisticated Investors

●      Binance Reenters Indian Market After Regulatory Ban

●      MetaMask, Mastercard, and Baanx Launch Crypto Debit Card Pilot in Europe

Arbitrum DAO Approves Proposal to Enhance ARB Token Utility and Governance Security

The Arbitrum DAO has approved a proposal with 91% support from over 25,000 participants to enhance ARB token utility and governance security. The core feature introduces ARB staking, allowing holders to stake and delegate tokens in exchange for a liquidity-staking token, stARB. 

This will enable automatic compounding and integration with DeFi applications. The initiative aims to boost participation and safeguard the DAO against governance attacks, addressing low voter engagement and ARB's underperformance. Voting concluded on August 15.

Circle Proposes New Risk Model for Stablecoin Management

Circle, the issuer of USD Coin (USDC), has released a white paper proposing a new risk-based capital management model called the Token Capital Adequacy Framework (TCAF). The paper argues that current banking standards need to adequately address unique risks posed by stablecoins, such as market trading fluctuations and technological vulnerabilities. 

TCAF introduces a dynamic, risk-sensitive approach that includes stress-testing reserves and adapting capital requirements to changing risks. The framework aims to enhance global risk management, simplify operations, and incentivize better accountability for stablecoin issuers.

Tron Surpasses Ethereum in Revenue Amid Stablecoin Innovations

According to Token Terminal, the Tron network outperformed Ethereum in the past 90 days, generating approximately $435 million in fees compared to Ethereum’s $364 million. Tron founder Justin Sun highlighted that Tron’s 30-day revenue exceeded Ethereum’s by 50%. 

Sun projected Tron’s protocol revenue could surpass $2 billion by year-end, positioning it as the most profitable blockchain. Tron also processed $1.25 trillion in USDT settlements, nearly a third of Visa’s volume, and plans to introduce a gasless stablecoin to enhance cross-border payments and small transactions.

First Bitcoin-Leveraged ETF Launches in US, Targeting Sophisticated Investors

The first Bitcoin-related leveraged ETF, MSTX, has launched in the United States. It offers 175% long daily exposure to MicroStrategy, a company with significant Bitcoin holdings. Sylvia Jablonski, CEO of Defiance ETFs, highlighted the fund’s potential to provide enhanced Bitcoin market exposure. 

The ETF, however, is designed for sophisticated investors due to the high risks of leveraged investments. MicroStrategy’s stock has surged over 70% in the past six months, outperforming Bitcoin further boosting interest in the new ETF.

Binance Reenters Indian Market After Regulatory Ban

After a seven-month ban, Binance has returned to India's Google Play and Apple App Stores. The crypto exchange registered with India’s Financial Intelligence Unit (FIU-IND) on August 15, fulfilling an essential legal requirement for combating money laundering. 

While Binance did not confirm if it paid the previously reported $2.25 million fine, CEO Richard Teng emphasized the importance of aligning with Indian regulations. This move marks Binance's 19th global regulatory milestone and underscores its commitment to a secure and transparent crypto market in India.

MetaMask, Mastercard, and Baanx Launch Crypto Debit Card Pilot in Europe

MetaMask has partnered with Mastercard and Baanx to pilot a self-custody debit card in the UK and EU. This card lets users store their crypto on the Linea network and convert it into fiat at the point of sale. 

The transaction process involves sending tokens from the user's wallet to a smart contract, where the crypto-to-fiat conversion happens. While initially limited to Europe, this initiative could extend financial services to the global unbanked population and offer solutions in high-inflation economies like Argentina.

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