Coinbase Launches “Stand With Crypto” NFT Amid Legal Battle

Coinbase, one of the largest US-based crypto exchanges, has launched “Stand With Crypto”, a commemorative non-fungible token (NFT) symbolizing unity among the crypto community. This comes after filing a legal action against the US Securities and Exchange Commission (SEC).

What is Stand With Crypto?

According to the Coinbase website, the Stand With Crypto NFT features a blue shield which represents a collective stand to protect and promote the potential of crypto. The NFT has been created to seek a clear and sensible policy on cryptocurrencies. Although it has no intended utility or value, more than 13,000 individuals, including Coinbase CEO Brian Armstrong, have already minted the NFT.

A push for positive crypto advocacy

This campaign comes as Coinbase launches Crypto 435 – a grassroots crypto-focused outreach program aiming to influence policy-making in the US by helping crypto advocates contact their local politicians. This program supports crypto advocates with information on which politicians will support and understand the benefits of the innovative technology the entire crypto industry represents.

Proceeds are donated to a crypto advocacy round

According to the Coinbase website and reports, all the proceeds generated from this NFT collection would be donated to vetted organizations through a Crypto Advocacy Round, with Gitcoin collecting the donations. Gitcoin has worked with over 70 fundraising events, all aimed to support “innovation in decentralized networks’ public goods”.

The Coinbase vs. SEC legal battle

Coinbase’s legal action is aimed at reforming laws to support innovation and development within the blockchain and crypto landscape in the US. According to mass media, CEO Brian Armstrong’s meeting with the US Congress and other SEC officials is believed to be linked to this lawsuit against the SEC. Coinbase sued the U.S. Securities and Exchange Commission (SEC} in September for having “engaged in a class action lawsuit [which is] a regulative attack by enforcement”.

[h/t Oluwapelumi Adejumo]