Bullish developments for the ecosystem while Mining companies struggle 

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Gary Gensler, U.S. Securities Exchange, and Commission (SEC) chairman said it would be great to have more money and reach further than the U.S. border. Gensler rewords the SEC’s crypto commands. He stated in an interview with Yahoo! Finance that the SEC has the fundamental transparency and governance rules in place to hold digital-assets firms accountable, while he declined to specifically address the bankrupt cryptocurrency exchange FTX and its former CEO, Sam Bankman-Fried. A federal judge’s ruling last month that cryptocurrency startup LBRY broke the law by selling its native LBC tokens was a “very big win” for the SEC’s legal campaign, according to Gensler on Wednesday. The case over whether Ripple’s XRP is security has been seen as the main issue holding the agency back.

The visual art project PUNX is a collaboration between DJs Justin “3LAU” Blau and Steve Aoki. The group claims to be the first DJ set related to the 8-bit non-fungible tokens (NFTs) and that it will be influenced by their own CryptoPunks non-fungible tokens. Aoki says that they have been friends for 10 years but it was a common passion for Web3 that led to this collaboration. The project is “not an NFT” but will try to find ways to incorporate blockchain technology in the future, says Blau. The release of music and tour is planned to be in 2023.

Marathon Digital Holdings Inc. CEO Fred Theil has hired consultants to advise on its exposure to Compete North’s holdings, a crypto miner that is going through bankruptcy. The firm hired Guggenheim Partners and law firm Weil Gotshal & Manges to advise on a bid for the bankruptcy data center. According to Bloomberg, Marathon uses an “asset-light strategy,” which necessitates using third-party firms with the equipment to mine cryptocurrency. Marathon Energy’s loss widened in the third quarter as a result of Compute North’s bankruptcy filing. The company has estimated that roughly $22 million of its $42 million in remaining deposits to the host are recoverable.

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