A US Senate hearing will discuss FTX, New York bans proof-of-work and FTX evaluates its assets: Hodler’s Digest, Nov. 20-26

The American CryptoFed DAO is in danger of losing its registration as a legal entity after the U.S. Securities and Exchange Commission (SEC) discovered irregularities in its Form S-1 registration statement filed in September. According to the SEC, the form is missing important information about the American CryptoFed DAO, including audited financial statements and details about its business and operations. CryptoFed is the first Decentralized Autonomous Organization (DAO) to receive legal approval in the United States in July 2021.

Deprecated crypto exchange FTX, as part of its recent bankruptcy filing, has initiated a strategic review of its global assets in an attempt to maximize recoverable value for its stakeholders. The assets of 101 of the 130 FTX members are also under review. Affiliates are solvent and can be sold or restructured to reduce losses, according to FTX’s new CEO, John J. Ray III.

Amber Group co-founder Tiantian “TT” Kullander passed away suddenly in his sleep on November 23, according to a statement released by the company. He is in his 30s and is leaving his wife and son. Kullander also served on the board of esports company Fnatic and founded KeeperDAO. Prior to that, Goldman, where he worked in structured credit trading at Sachs, and Morgan, where he worked as an emerging markets trader at Stanley.

winner and loser

“The general rule of thumb is that if a company prints tokens out of nowhere and sells it to retailers or relies on it as an asset, you should expect it to eventually collapse.”

“The NFT space will surely be stable and consolidated around the strongest communities. Then there will be a second generation NFT model that will be smarter and more sustainable.”

“If you see FUD, remember: our finances are public (we are a public company).”

“I was initially skeptical about cryptocurrencies, but […] I have come to believe that crypto can form useful businesses and technologies that have never been possible before. ”

“The recent implosion of cryptocurrency exchange FTX made it very clear that the digital asset industry is in serious trouble.”

Forecast for the week

According to Cointelegraph’s BTC Price Index, Bitcoin’s price remained below $20,000 for much of November.

Anonymous Twitter user The London Crypto believes BTC price may drop further based on history. “BTC has made a 77% correction in this bear market compared to 84% in 2013 and 83% in 2017,” he tweeted on Nov. 21, along with a chart.

“Comparing the highs and lows of previous cycles, we can estimate that the lows of this bear market ranged from $10,000 to $12,000, followed by highs of $175,000 in 2024-25. increase.”

FUD of the week

Recently released court documents reveal the arrests of HashFlare founders Ivan Turõgin and Sergei Potapenko. Launched in 2015, his HashFlare masqueraded as a Bitcoin cloud mining company, but on the backend, its founder allegedly committed multiple criminal acts, including numerous instances of wire fraud. HashFlare appears to have been inactive since 2019.

After passing multi-stage approval in 2022, a two-year ban on Proof of Work (PoW) mining has been signed into law by New York Governor Cathy Hochul. The moratorium means no new PoW mining operations can start in the state unless they are powered by 100% renewable energy. New York’s current prisoner-of-war mining organizations will also not be allowed to renew their licenses during the two-year ban.

US Regulators to Investigate Genesis, Other Crypto Companies

The Genesis Global Capital story took another chapter on Nov. 25 as the Alabama Securities Commission determined whether investors in cryptocurrency-related securities were affected by failing to obtain proper registration. To do so, it revealed an ongoing investigation into the company and several other cryptocurrency firms in various states of the United States. It has been in the spotlight ever since it was revealed that The company hired restructuring advisors to explore all possible options to avoid possible bankruptcy amid difficulties in raising funds for its lending arm.

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I have asked the SEC to seek public comment on issues related to disputes between cryptocurrency controllers and intermediaries. The SEC refused to take my advice and FTX soon collapsed.

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Writers and reporters from Cointelegraph Magazine contributed to this article.