Crypto BLOG

It’s been a year since the demise of the FTX exchange — an event that’s now increasingly looking like it was the Bitcoin (BTC) bottom, which is up roughly 120% from a year ago.

In November 2022, the FTX collapse wiped nearly $300 billion off the market cap, impacting several cryptocurrencies. The ones that suffered the most were tokens with deep financial ties to FTX, including Solana’s (SOL), Serum (SRM) and the exchange’s native FTX Token (FTT).

But a year later, things have improved for BTC and most cryptocurrencies impacted by the FTX collapse.

Here are the top gainers (from the top 30 by market capitalization) that would have yielded the biggest profit if bought in November 2022.

Solana up 660% from FTX crash bottom

Solana’s price plummeted by over 50% to $8 after the FTX collapse. The sell-off occurred primarily because FTX and its sister firm, Alameda Research, held about 55 million SOL, triggering fears of a dump to plug liquidity holes.

Nonetheless, buying SOL a year ago would have produced a profit of over 660% today.

Solana’s gains have primarily stemmed from an upside sentiment in the crypto market, led by hopes for a spot Bitcoin exchange-traded fund approval in the United States. At the same time, SOL’s price has also benefited from subsiding fears about a potential dump by FTX.

#FTX

FTX has sold 6,986,554 $SOL in the past few weeks, for ~$280.2M $USD.

They are completely OUT of unlocked $SOL.

The only $SOL they have exposure to is locked up, most until 2027-2028, just in time to sell the bottom of the next bear market.#SOLANA can commence UP ONLY. pic.twitter.com/Qu2z843oxS

— Curb◎ (@CryptoCurb) November 14, 2023

FTX Token rival OKB is up 275%

OKX crypto exchange’s token OKB was among the least-affected tokens by the FTX fiasco. Moreover, it has significantly benefited in price after its top rival went bust.

Buying OKB at the FTX bottom of $17.20 a year ago would have yielded investors a 275% profit today.

OKB’s price gains were Binance’s loss, and its BNB (BNB) token has underperformed the market significantly as the exchange faces legal pressure in the United States. 

BNB has underperformed many of the top 30 cryptocurrencies over the past year, rising only 16% from the FTX bottom.

Chainlink 

Chainlink’s (LINK) had fallen by as much as 40% following the FTX collapse. However, its lower exposure to the crypto exchange, coupled with development updates, has resulted in a sharp price recovery since the event.

Notably, buying LINK in November 2022 at $5.68 would have produced over 180% profits today.

Factors that helped the LINK price rally in recent months include launching a new proof-of-reserve product, growing adoption, and increasing demand among professional investors, as suggested by Grayscale’s Chainlink Trust trading at a 170% premium to LINK’s spot price.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

A memorandum submitted by several U.S. Congress members, including chairs from key financial committees, has called into question the enforceability of the Securities and Exchange Commission (SEC) Staff Accounting Bulletin 121 (SAB 121). This development follows a decision by the Government Accountability Office (GAO) characterizing SAB 121 as a rule under the Congressional Review Act.

Introduced on April 11, 2022, without consultation with major financial regulatory bodies, SAB 121 requires custodians to report customer custodial digital assets on their balance sheets, evaluated at fair value. This directive deviates from standard accounting practices, potentially misrepresenting custodians’ legal and economic responsibilities and escalating consumer risk.

The GAO, in October 2023, asserted that companies might alter their behaviors to align with the SEC’s interpretations in the Bulletin, due to the SEC’s role in monitoring public disclosures and enforcing compliance. Notably, the SEC did not submit SAB 121 to Congress or the GAO, nor did it publish it in the Congressional Record, as mandated by the Congressional Review Act.

The Congressional memo highlights concerns that enforcing this noncompliant rule would create a precedent for regulatory evasion of the Administrative Procedure Act (APA), effectively granting the SEC undue regulatory control over unauthorised entities. The Congress members have requested financial authorities to clarify, through guidance or action, that SAB 121 is not enforceable following the GAO’s determination.

SAB 121’s mandate for banks to record client cryptocurrency holdings on their balance sheets, with appropriate valuation and capitalization, has drawn criticism from industry representatives and U.S. politicians. They argue that it could deter regulated banks from acting as crypto custodians and treat crypto holdings differently from traditional assets.

The inquiry into SAB 121’s status as a rule stemmed from Senator Cynthia Lummis’s letter to the U.S. Comptroller General in August 2022. The Congressional Review Act necessitates that an agency rule be reported to both Congress and the comptroller general, with a provision for Congressional disapproval. In June 2022, five senators had already expressed opposition to what they termed “backdoor regulation” in a letter to SEC Chair Gary Gensler.

The memorandum signifies a significant moment in the oversight of digital asset regulation, emphasizing the need for clarity and adherence to established legislative procedures.

Image source: Shutterstock

Top Stories This Week

Sam Altman ousted from OpenAI, CTO Mira Murati named interim CEO

ChatGPT developer OpenAI removed founder Sam Altman from his CEO position on Nov. 17. Chief technology officer Mira Murati is now serving as interim CEO. According to a blog post, the board of directors engaged in a “deliberative review process,” which resulted in the conclusion that Altman “was not consistently candid in his communications with the board, hindering its ability to exercise its responsibilities.” Shortly after, OpenAI co-founder and president Greg Brockman revealed his exit from the organization.

BlackRock files S-1 form for spot Ether ETF with SEC

The world’s largest asset manager, BlackRock, officially filed for a spot Ether exchange-traded fund (ETF) with the United States Securities and Exchange Commission (SEC) on Nov. 15. The ETF, dubbed the iShares Ethereum Trust, aims to “reflect generally the performance of the price of Ether,” according to the S-1 filed with the SEC. The iShares brand is associated with BlackRock’s ETF products. The move by BlackRock comes nearly a week after it registered the iShares Ethereum Trust with Delaware’s Division of Corporations and almost six months after it filed its spot Bitcoin ETF application. Following BlackRock’s filing, asset manager Fidelity also sought a green light for its own Ether ETF.

Australia to impose capital gains tax on wrapped cryptocurrency tokens

The Australian Taxation Office (ATO) has issued guidance on capital gains tax (CGT) treatment with regard to decentralized finance and wrapping crypto tokens for individuals, confirming that Australians are liable for capital gains taxes when wrapping and unwrapping tokens. The transfer of crypto assets to an address that the sender does not control or that already holds a balance will be regarded as a taxable CGT event, the ATO said in its statement. The CGT event will trigger depending on whether the individual recorded a capital gain or loss. A similar approach has been considered for taxing liquidity pool users, providers and DeFi interest and rewards. In addition, wrapping and unwrapping tokens will also be subject to triggering a CGT event.

FTX Foundation staffer fights for $275K bonus promised by SBF

An employee of FTX’s charity wing recruited by Sam Bankman-Fried is trying to get paid $275,000, the remainder of his claimed 2022 salary bonus. Ross Rheingans-Yoo’s lawyers argued in a court filing that only $375,000 of his $650,000 bonus was paid by FTX. They claim the remaining funds were owed when the crypto exchange filed for bankruptcy in November 2022. The fate of Rheingans-Yoo’s bonus will be determined by a Delaware bankruptcy judge who is overseeing FTX’s Chapter 11 bankruptcy.

WisdomTree amends S-1 form spot Bitcoin ETF filing as crypto awaits SEC decisions

WisdomTree filed an amended Form S-1 spot Bitcoin ETF prospectus with the U.S. SEC on Nov. 16. The update comes a few months after WisdomTree refiled its spot Bitcoin ETF application in June 2023, proposing a rule change to list and trade shares of the WisdomTree Bitcoin Trust. The amended prospectus mentions that the WisdomTree Bitcoin Trust ETF will trade under ticker symbol BTCW, with Coinbase Custody Trust serving as the custodian holding all of the trust’s Bitcoin on its behalf.

Winners and Losers

At the end of the week, Bitcoin (BTC) is at $36,419, Ether (ETH) at $1,946 and XRP at $0.61. The total market cap is at $1.38 trillion, according to CoinMarketCap.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Celestia (TIA) at 103.39%, yearn.finance (YFI) at 88.04% and THORChain (RUNE) at 54.38% . 

The top three altcoin losers of the week are Gas (GAS) at -64.85%, FTX Token (FTT) at -35.17% and Neo (NEO) at -20.27%.

For more info on crypto prices, make sure to read Cointelegraph’s market analysis.

Most Memorable Quotations

“Education and utility-based projects where there is real utility for usage is how we can get regulators onboard.”

Navin Gupta, managing director of South Asia, Middle East and North Africa at Ripple

“We believe derivatives will foster additional liquidity and hedging opportunities in crypto and represent the next critical step in this market’s continued growth.”

John Palmer, president of Cboe Digital

“I am very bullish about a whole bunch of different things going on in crypto. […] It will be a multichain world.”

Brad Garlinghouse, CEO of Ripple

“Phone and the internet aren’t to be blamed for terror financing and crypto shouldn’t either.”

French Hill, United States Representative

“I believe that code is a form of speech and is protected by the First Amendment.”

Vivek Ramaswamy, entrepreneur and U.S. presidential candidate

“The digital euro would also mean that each and every one of us could be totally monitored. […] Anyone who is against surveillance and for freedom does not need a digital euro!”

Joana Cotar, member of the German Bundestag

Prediction of the week

Bitcoin traders’ BTC price dip targets now include $30.9K bottom

Bitcoin circled $36,000 on Nov. 16 as analysis hoped for a deeper price comedown. Having failed to establish a breakout beyond 18-month highs during the week, Bitcoin was uninspiring for market participants, some of whom hoped to see a fresh correction to retest lower levels.

“Would be happy to see this latest rally complete the round trip back to $35k. Would be even happier to see a retest of $33k,” monitoring resource Material Indicators wrote in part of the day’s commentary on X (formerly Twitter).

A snapshot of BTC/USDT order book liquidity showed support building at $35,000. Material Indicators co-founder Keith Alan added that Bitcoin’s rising 21-day simple moving average had been functioning as support in recent days.

“BTC continues to fight for the range above $36.5k,” he commented.

Popular pseudonymous trader Daan Crypto Trades likewise flagged $35,700 and $38,000 as the main downside and upside levels to watch, respectively. Fellow pseudonymous trader Gaah, a contributor to on-chain analytics platform CryptoQuant, meanwhile warned that a steeper correction could take the market closer to $30,000.

FUD of the Week

Cybersecurity team claims up to $2.1B in crypto stored in old wallets is at risk

Cybersecurity company Unciphered disclosed a vulnerability dubbed “Randstorm,” which it said affects millions of crypto wallets that were generated using web browsers from 2011 to 2015. According to the firm, while working to retrieve a Bitcoin wallet, it discovered a potential issue for wallets generated by BitcoinJS and derivative projects. The issue could affect millions of wallets and around $2.1 billion in crypto assets, according to the cybersecurity company.

Swan Bitcoin to terminate customer accounts that use crypto-mixing services

Bitcoin services platform Swan Bitcoin warned its customers that it would be forced to terminate accounts found interacting with crypto-mixing due to the regulatory obligations of its partner banks. Customers learned about the new policy in a letter suggesting the changes are due to the United States Financial Crimes Enforcement Network’s proposed rule establishing new responsibilities on firms processing transactions from mixing services.

ENS developers urge Unstoppable Domains to drop patents or face lawsuit

The founder and lead developer of Ethereum Name Service (ENS), Nick Johnson, is urging blockchain domains company Unstoppable Domains to drop a recently awarded patent or face a lawsuit, according to an open letter shared on X (formerly Twitter). According to Johnson, Unstoppable’s recently awarded patent is “based entirely on innovations that ENS developed and contains no novel innovations of its own.” Unstoppable Domains’ founder Matthew Gould responded in the thread, claiming that there are “multiple naming systems.”

Top Magazine Pieces of the Week

I spent a week working in VR. It was mostly terrible, however…

Cointelegraph Magazine journalist Felix Ng spent a week working in virtual reality. It was mostly terrible… but does have some potential.

Breaking into Liberland: Dodging guards with inner-tubes, decoys and diplomats

“Bitcoin is really one of the most foundational parts of Liberland — 99% of our reserves are in BTC.”

No civil protection for crypto in China, $300K to list coins in Hong Kong? Asia Express

Hong Kong exchanges expand amidst continued investor interest, Philippines to issue $180M in tokenized bonds, China rules out civil protection for crypto, and more!

Subscribe

The most engaging reads in blockchain. Delivered once a
week.

Editorial Staff

Cointelegraph Magazine writers and reporters contributed to this article.

Mark Wilson — the artist known as diewiththemostlikes — has a truly unique style to his art and a presence that could be described as grotesque, performative, thought-provoking and hilarious all in one packet of rolled-up ground beef.

In a digital art market where supply can be infinite, the Indiana-based artist really stands out from the crowd with his ability to garner attention by often ridiculing the NFT space and eliciting both humor and sadness within his work.

An author of five books, diewiththemostlikes has a passion for not only visual art but also scribing his streams of consciousness. He originally minted his first NFT on March 26, 2021, on Foundation after a random account on X reached out because Wilson had made a joke campaign poster for comedian Eric Andre that went viral.

“This dude reached out and just said, ‘Hey, I have a Foundation invite. Would you want to mint a piece on there?’ I said I don’t know what minting is. I don’t know what Foundation is. I have no clue what any of this shit is,” Diewiththemostlikes explains.

“He said, ‘It could be a good avenue for your digital art,’ so I said, ‘Well, fuck it, man. It’s not like I’m not doing anything with it now. It’s getting two likes on Instagram from fucking porn bots. So, whatever, I’ll mint something, and maybe I can sell something finally as an artist — that would be nice.’” 

It was a relatively slow start, but consistency and persistence positioned him well, and he’s often received praise from other well-known artists such as OSF. 

Now knocking on the door of digital art stardom, diewiththemostlikes still hasn’t come to grips with the position he finds himself in.

“I still honestly can’t really wrap my head around this shit that’s going on. I just assumed I was gonna die alone doing something I hated. To be part of this kind of movement with all these other really insane artists who are on this crazy trajectory and who are constantly leveling up is really cool. It’s pretty wild,” he says.

Origin of catchy and cumbersome name

How did the name diewiththemostlikes come about? Well, in classic “die” fashion, there’s humor and an underlying meaning.

“I’ve got the most common name to ever exist, Mark Wilson. When I was applying for apartments, people would think it was a scammer name because Mark Wilson is a super common name here in the States. They would do a background check and think I was a fake person.” 

“I’m cool with my name… But diewiththemostlikes kind of came in, and it’s funny because it’s actually a really cumbersome name to say. A lot of people during interviews will ask what they even call me. It’s a really long and kind of an unenjoyable name to say, but I suppose that I find comfort in that. Discomfort, if you will, or the inability to kind of determine what I should be called is awesome.”

The name pokes fun at a world where we seek likes on social media for dopamine hits, which Wilson points out is a transactional existence.

“It’s a really interesting distillation of our transactional existence as a whole and kind of how fucking sad and depressing it can be in many ways. But also the beauty of it, obviously, none of us would be here; we wouldn’t be talking here without Twitter. Certainly, my art wouldn’t be doing what it was doing, or I wouldn’t be able to impact anybody without a platform.”

Finding a story in peculiar places

Observing society and its idiosyncrasies is a big inspiration, and his work often carries open or sometimes subliminal messages that make collectors really stop and think.

Of course, always the prankster with a dry sense of humor, diewiththemostlikes is quick to tie a bow around it with some over-the-top window dressing.

“I would say there’s stories in the most peculiar places. There’s a story in every sagging ass of anyone walking around the fucking dregs of this country,” he says. “Within those kinds of nuanced little wrinkles, scabs and wounds is where I thrive and where I love to exist.”

“This lens on life and humanity is often exaggerated… If you look a little deeper on my pieces, they’re definitely documentarian but certainly grotesque at a very surface level.”

Good meat! Sublime satire

The tsunami of crypto X accounts posting “gm” led to a series of meat art.

“Good meat originally arose out of a place of complete ridicule, which is where a lot of my art I feel like comes from. It’s satire; it’s ridicule; it’s hilarity. I was really annoyed with the transactional state of everybody just saying ‘gm,’ with nothing else to say. It was gm with a fucking coffee mug, and that was it. Then you just see gm, gm, gm, gm. It was just like, ‘What the fuck are we all doing here? This is insane, dude,’” says Wilson.

“So, then I kind of came up with good meat as a way to ridicule that, and I was posting art with the pieces originally, and then it kind of transitioned into now. I’m just gonna post meat pictures now because that fits the kind of dull exchange. The dull morning exchange that we all participate in.”

“It’s just like here’s a big heaving pile of rotting meat. Enjoy it or don’t enjoy it. It’s all good. But it’s funny because now people will say good meat back, or they’ll have their own good meat-inspired post, and it’s fucking super cool. I love that meat is infecting the space in some capacity.”

Read also

Features

Recursive inscriptions: Bitcoin ‘supercomputer’ and BTC DeFi coming soon

Features

Before NFTs: Surging interest in pre-CryptoPunk collectibles

Notable sales to date

Rapid-fire Q&A

Influences

“I don’t have a ton, honestly, and most of that is just because I don’t have any art background. I would actually say, growing up, most of my influence was actually in the books I was reading. People like Irvine Welsh, Haruki Murakami, Michel Houellebecq, and, of course, Hunter S. Thompson. All those kinds of absurdists are where I love to dwell.”

“I should obviously mention Ralph Steadman, who is a fucking incredible illustrator. When I got into this space, somebody said, ‘Your stuff reminds me of Ralph Steadman,’ and I think that’s incredible.”

Read also

Features

‘Account abstraction’ supercharges Ethereum wallets: Dummies guide 

Features

Programmable money: How crypto tokens could change our entire experience of value transfer

Personal style of art

“I think one word I would use is ‘relentless.’ The style itself it’s funny; I never took an art class in high school and was described as adequate. That’s really the extent of my art history. I didn’t study art. It’s more or less I bludgeoned my way into making these things. It’s been like 20,000 hours on the iPad and in my basement making canvases and acrylic.”

“It’s just bludgeoning stuff out that I feel like has to come out or else it’ll rob me from the inside, so ‘relentless’ and ‘unflinching,’ I guess, are the two words that I would use. There’s almost a psychotic pursuit and an urgency to what I want to tell people.”

Which hot NFT artists should we be paying attention to? 

Xer0x — “I feel like he’s massively slept on, like horrifically slept on in many ways. That’s a guy who’s obsessed with his craft, and he makes super deep, very personal pieces that are true artistic achievements.”

Alien Queen — “Alien Queen is the shit, but she’s probably not even up-and-coming anymore.” 

James Bloom — “He’s a true blockchain artist. The dude is making these super technical and really fucking rad pieces that evolve and change based on interactions.”

Notable collector 

“I have to give a massive shout-out to SuperRare Zach. He’s been so nice and cool, and he onboarded me after this crazy absurdist tweet campaign to get on SuperRare. To get accepted to SuperRare, it was essentially a tweet that I sent that said I just submitted my application video.”

“It is me doing DMT and performing How Stella Got Her Groove Back while dressed like Hellboy or something. It was just like an insane tweet, and he just said, ‘This is nuts. You’re on.’ I’d already been putting in work and stuff, but I would say Zach is awesome.”

Favorite NFT in your wallet 

“Oh, man, I would have to say Pindar Van Arman made this dope ass quantum portrait of me that’s super special. It’s really goddamn rad. That’s probably my favorite piece that I own. It’s a dope-ass piece, and he was so nice to do it. He didn’t ask; he just made it.” 

What do you listen to when creating art?

“I love music. I mean, the absurd part of me would say that I create to Nickelback and Creed and fucking all those other dumb bands. But really, I listen to a shit ton of doom metal and death metal. Bands like Bongripper, Gate Creeper and Withered. Anything that’s just slow, grimy and brutal is the only way that you can kind of describe it.”

Links:

X: twitter.com/toadswiback 

Website: https://onetie-alltie.com/about/ 

Subscribe

The most engaging reads in blockchain. Delivered once a
week.

Greg Oakford

Greg Oakford is the co-founder of NFT Fest Australia. A former marketing and communications specialist in the sports world, Greg now focuses his time on running events, creating content and consulting in web3. He is an avid NFT collector and hosts a weekly podcast covering all things NFTs.

Follow the author @GregOakford

The Azure Maia 100 AI Accelerator and the Azure Cobalt CPU were both introduced at the Ignite 2023 conference, which was hosted by Microsoft. These two in-house silicon chips represent a significant advancement in artificial intelligence and cloud computing technologies. The Azure Maia AI Accelerator, which is specialized for AI and generative AI workloads, and the Azure Cobalt CPU, which is an ARM-based processor designed for general computing, represent a major step in Microsoft’s technological strategy. Both of these products are part of the Azure platform. These chips, which were created in the Redmond lab of Microsoft, are essential to the company’s goal of a completely integrated infrastructure, which combines software, servers, racks, and cooling systems.

These chips are slated for release in early 2024 and will be used to power various services provided by Microsoft such as Copilot and Azure OpenAI Service. Their incorporation into Microsoft’s data centers is a reaction to the increased need for computing capacity that is efficient, scalable, and environmentally friendly, particularly in cloud and artificial intelligence technologies.

Microsoft is adopting a comprehensive approach to infrastructure, with the goal of maximizing the performance of each individual component, from silicon to hardware to software. This approach is in keeping with the company’s aim of being more sustainable, one noteworthy example of which is the energy-efficient design of the Cobalt central processing unit (CPU).

Microsoft also announced an extension of its collaborations with NVIDIA and AMD, which would enhance the capabilities of both companies in the area of infrastructure and provide customers with a variety of alternatives in terms of both performance and cost.

Microsoft is working on developing second-generation versions of both the Azure Maia AI Accelerator and the Azure Cobalt CPU family in order to maintain its tradition of technological leadership in this industry. Their drive to expanding their skills in artificial intelligence and cloud computing is shown by their focus to optimizing each technological layer.

The recent advancements that Microsoft has made in the field of artificial intelligence chip technology were discussed in a related blog post. The Azure Maia AI Accelerator and the Azure Cobalt CPU, both of which are essential to the AI and cloud computing strategy developed by Microsoft, are expected to be operational somewhere in the early year 2024. This represents a larger trend in the artificial intelligence technology business, where major firms are increasingly focused on the manufacture of semiconductor chips for increased AI capabilities. This is shown by the fact that this is occurring.

Image source: Shutterstock

Senator Elizabeth Warren has emphasized the risks of cryptocurrency scams targeting senior citizens in the U.S., with the support of a cybersecurity expert supporting her legislation on digital assets to prevent future scams.

In a recent senate hearing, Warren outlined the significant increase in crypto scams being targeted towards elderly citizens of the U.S:

“Last year, we saw a 350% increase in crypto investment scams targeting seniors. That is the biggest spike among all age groups. That added up to more than $1 billion that seniors lost in crypto scams.”

Meanwhile, during the hearing, Steve Weisman, a recognized expert on scams and cybersecurity as described by Warren, highlighted that unlike credit card fraud which can be swiftly identified, stopped, and traced, crypto poses greater challenges in these aspects.

He reiterated that with crypto, once it passes through mixers, tracing becomes significantly more challenging.

“Once it goes into the mixers then you have problems. There is a legitimate privacy concern that people may have, but it does not come anywhere near to the scammers.”

Weisman expressed support for Warren’s Digital Asset Anti-Money Laundering Act, which seeks to ensure that digital assets are subject to the same Anti-Money Laundering (AML) laws as traditional fiat currency.

“Your legislation is long overdue. It is a no-brainer,” Weisman declared.

Related: Impersonation scams in crypto, explained

This follows recent reports indicating a significant increase in crypto hacks and scams during the latest quarter compared to the same quarter last year.

Blockchain security firm Immunefi reported a 153% surge in attack incidents targeting crypto and Web3 projects from July to September 2023, compared to the corresponding period in 2022. The recent quarter saw losses of approximately $686 million.

Meanwhile, Elizabeth Warren recently revealed that nine more United States Senators have publicly supported the Digital Asset Anti-Money Laundering Act.

Notably, Gary Peters, a member of the Senate Homeland Security and Governmental Affairs Committee, and Dick Durbin, the chair of the Senate Judiciary Committee, are among those supporting the initiative.

Magazine: 4 clever crypto scams to beware — Dubai OTC trader Amin Rad

ChatGPT developer OpenAI has removed founder Sam Altman from his CEO position, according to a Nov. 17 blog post. Chief technology officer Mira Murati will be promoted to interim CEO. According to the post, the board of directors engaged in a “deliberative review process,” which resulted in the conclusion that Altman “was not consistently candid in his communications with the board, hindering its ability to exercise its responsibilities.”

Altman could not immediately be reached for comment.

OpenAI announces leadership transition https://t.co/fFYDLwGXQz

— OpenAI (@OpenAI) November 17, 2023

OpenAI’s board said it remains committed to building artificial intelligence (AI) applications going forward:

“OpenAI was deliberately structured to advance our mission: to ensure that artificial general intelligence benefits all humanity. The board remains fully committed to serving this mission. […] Mira is exceptionally qualified to step into the role of interim CEO. We have the utmost confidence in her ability to lead OpenAI during this transition period.”

Related: OpenAI halts new ChatGPT Plus sign-ups amid high demand

The board also stated that it is “grateful for Sam’s many contributions to the founding and growth of OpenAI” but claimed that “new leadership is necessary as we move forward.” The board’s chairman, Greg Brockman, will also be stepping down from his position. However, he will remain as an employee, “reporting to the CEO,” according to the post.

The board of directors consists of Adam D’Angelo, Tasha McCauley, Helen Toner and OpenAI chief scientist Ilya Sutskever. According to the post, the majority of board members are “independent directors” who do not hold equity in OpenAI.

Altman is also the founder of Tools for Humanity, the developer of crypto project Worldcoin. Cointelegraph reached out to Tools for Humanity for comment but did not get a response by the time of publication.

This is a developing story, and further information will be added as it becomes available.

The New York State Department of Financial Services (NYDFS) has revised its guidelines on the listing and delisting of cryptocurrencies. This move aims to bolster investor protection and ensure that virtual currency businesses adhere to heightened regulatory standards.

Since 2015, the NYDFS has been a pivotal regulator in the virtual currency sphere, introducing specific regulations like BitLicenses and trust company charters. The department’s initial guidance on the adoption or listing of virtual currencies was released in 2020.

Replacing its 2020 guidance, the NYDFS’s new directive, effective immediately, introduces more stringent requirements after considering inputs from various stakeholders. The guidelines emphasize heightened consumer protection measures and clearer risk assessment procedures to reduce ambiguities in regulatory processes. Also included are exceptions for advance notifications in specific scenarios of coin delistings and updated definitions for clarity.

Entities involved in virtual currency activities are now required to obtain DFS approval for their coin-listing policies, maintain detailed records, and communicate with DFS regarding self-certified coins. Furthermore, a crucial aspect of the new regulations is the development of a comprehensive coin-delisting policy. Entities must formulate these policies and submit them for review, complying with the revised guidelines by January 31, 2024, while presenting their draft policies by December 8, 2023.

These guidelines are set to influence a range of licensed digital currency businesses in New York. The NYDFS aims to maintain its leadership in regulating the evolving virtual currency market.

The NYDFS’s initiative is part of its broader efforts to protect investors in the cryptocurrency market. Entities like Circle, Gemini, Fidelity, Robinhood, and PayPal must comply with these new regulations, reflecting New York’s commitment to monitoring the cryptocurrency industry closely.

Image source: Shutterstock

As Gary Gensler reiterated the United States Securities and Exchange Commission’s mandate in a speech, Ripple’s lawyer and various crypto community members responded, criticizing the SEC chair and arguing that the commissioner’s words contradict his actions.

On Nov. 16, SEC Chair Gary Gensler shared a video of him conducting a speech at the 2023 Securities Enforcement Forum. In the speech, he highlighted the words of the first SEC chair, Joseph P. Kennedy, saying that the government agency should be “partners of honest business and prosecutors of dishonesty.”

As Joseph P. Kennedy, the first @SECGov Chair, once said: “We are not prosecutors of honest business, nor defenders of crookedness. We are partners of honest business & prosecutors of dishonesty. We shall not prejudge, but we shall investigate.”

Check out my recent remarks: pic.twitter.com/QM2zqj8PQs

— Gary Gensler (@GaryGensler) November 16, 2023

The post on X (formerly Twitter) triggered responses from various crypto community members, including Ripple chief legal officer Stuart Alderoty, who is currently engaged in a legal battle against the SEC. According to Alderoty, the SEC chair’s recent remarks should be fact-checked and that Gensler has “prejudged crypto and has filed suit against others without investigation.”

The SEC is losing in court; being criticized by Judges for shady behavior; being rebuked by the Gov’t’s internal auditor; hiding info about meetings with a felon; becoming irrelevant on the international stage. Gensler – admitting no fault – has become the insulate Col. Jessep. pic.twitter.com/vqjPPcifr8

— Stuart Alderoty (@s_alderoty) November 16, 2023

Alderoty also highlighted that Ripple was sued but was “never charged with dishonesty.” The Ripple executive also threw some accusations toward the SEC and said that they are being criticized for “shady behavior” and are becoming “irrelevant” internationally.

Related: Gary Gensler links crypto with cash in viral 2018 video — Crypto Twitter reacts

Apart from Alderoty, various crypto community members also responded to the video that Gensler shared. Erik Voorhees, founder and CEO of trading platform ShapeShift, responded to the tweet, saying that Gensler has prosecuted his “honest business” twice.

Meanwhile, a community member also responded to Gensler’s remarks, saying that what he quoted “was the vision”; However, the Twitter user argued that it has evolved for the worse, accusing the SEC of facilitating the “legitimization of a corrupt system.”

Magazine: Sam Bankman-Fried convicted, PayPal faces SEC subpoena, and other news: Hodler’s Digest

The crypto industry should focus on building blockchain-based solutions everybody can benefit from instead of launching cash grabs for brands, says Amy Peck, CEO of tech-focused consulting firm EndeavourXR.

Peck told Cointelegraph at the Lisbon Web Summit that Web3 firms should be build-first oriented and create attractive products to draw newcomers.

She added using Web3 and nonfungible tokens (NFTs) as “just another money grab from brands” to create another slate of multi-millionaires “doesn’t seem like a good look” nor a good use of what is an “elegant technology.”

“This is an infinite landscape. The money’s going to be there, right? Let’s build a better bread box. We have the opportunity to do something really interesting and reinvent this economic construct, invite more people to the party, not just create another 1%.”

Obtaining an on-chain proof of identity, taking control and ownership of one’s data, connecting blockchain-based assets to the real world and interacting in the creator economy are among the top things Peck says builders should focus on to extract the most value from Web3.

Following FTX’s collapse and other industry shortfalls, Peck said much of her firm’s client base says they “don’t want to touch crypto” and that “Web3 is all shenanigans.”

Peck acknowledged it’s currently unrealistic for big brands to fully transition to Web3 but says there’s already a “Web2.5 center lane” that these firms can leverage.

Providing consumers with more control and ownership over their data is already possible with blockchain, Peck stressed.

Related: How AI is changing crypto: Hype vs. reality

She added a more “transparent exchange” is becoming more crucial than ever, particularly with the emergence of devices collecting data such as fingerprints and faces.

“What is coming with these immersive devices is biometric data that will allow the people who own that data to know more about us than we know, and the level of manipulation will be exponential.”

On cryptocurrency exchange-traded funds, Peck said it’s great that Wall Street firms are now taking the industry seriously but is wary that they will try to twist what has been built to suit their liking.

“They’re going to try and wrestle it to the ground and make it behave like these existing financial mechanisms.”

Magazine: Singer Vérité’s fan-first approach to Web3, music NFTs and community building

Additional reporting by Joe Hall.