Coinbase launches NFT campaign to fight recent US sanctions on crypto
Coinbase’s CEO, Brian Armstrong, has initiated a campaign to push the U.S. government and regulators to establish practical cryptocurrency policies. Dubbed “Stand with Crypto,” the campaign urges the crypto community to unite and advocate for clear regulations for the budding industry.
Stand with Coinbase
Coinbase is now battling the US government on all fronts. After the company sued the U.S. Securities and Exchange Commission (SEC) yesterday, the CEO is now asking for the support of the web3 community through an NFT drop.
Brian Armstrong unveiled a new “Stand with Crypto” non-fungible token (NFT) collection on the Zora marketplace, serving as a commemorative symbol of solidarity among the crypto community.
Showing support for crypto-friendly regulation
The NFT for “Stand with Crypto” displays a blue shield as a representation of the collective action to protect and progress the potential of cryptocurrency. Although the NFT has no functional use or monetary value, its purpose is to exhibit support for the initiative and to signify that its holders are members of an expanding community that upholds the promise of crypto.
According to Coinbase, the total profits acquired from the “Stand with Crypto” NFT compilation will be given to verified groups that focus on promoting cryptocurrency education and lobbying, including the DeFi Education Fund, the Blockchain Association, CoinCenter, and the Blockchain Foundation.
Coinbase’s decision came mere hours after the company submitted a legal suit against the SEC demanding that the agency publicly address a petition from nearly a year ago regarding cryptocurrency regulations. The petition, filed by Coinbase in July 2022, requested answers to 50 targeted questions that would supply clarity and assurance regarding the governing of digital asset securities.
As stated by Coinbase’s top legal executive, Paul Grewal, the SEC is legally obligated to address petitions “within a reasonable time.” In a blog post, Grewal clarified that Coinbase is not requesting the court to instruct the commission on how to reply but only to provide a response.
Restraining regulation will stifle blockchain development and adoption in the US
Coinbase’s recent actions come at a time when regulatory bodies worldwide have amplified their scrutiny of the cryptocurrency industry. In the United States, the SEC has been exceptionally active in prosecuting cryptocurrency enterprises for violations of securities laws, resulting in considerable uncertainty within the sector.
Armstrong has been a vocal proponent of unambiguous cryptocurrency regulation and has voiced his dissatisfaction with the SEC’s handling of the industry. In a tweet from last year, he condemned the regulator’s “questionable conduct” and claimed that their actions were “anti-American.”
The “Stand with Crypto” campaign has received a positive response from the crypto community. Many individuals have shown their support for the cause by minting the NFT and including a shield emoji beside their Twitter handles. The campaign has also garnered widespread media coverage, with various news outlets reporting on Coinbase’s legal action and the release of the commemorative NFT.
As the crypto market continues to expand, there is an urgent need for clear and reasonable regulation that safeguards investors while enabling innovation and development.