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Coinbase CEO supports ‘Stand with Crypto’ NFT campaign

Coinbase CEO supports 'Stand with Crypto' NFT campaign

The largest cryptocurrency exchange in the United States has launched a new campaign to urge U.S. authorities to finally implement “sensible crypto policy.”

Brian Armstrong, the CEO of Coinbase, has backed a campaign that asks the crypto community to work together to get the government and officials to set clear rules for the new industry.

Monday, the head of a crypto exchange tweeted on Twitter that he had made a “Stand with Crypto” NFT at the Zora marketplace.

“The Stand with Crypto commemorative NFT is a symbol of unity for the crypto community seeking sensible crypto policy,” reads the NFT description.

“The blue shield not only shows your support for the cause but also that you’re part of a growing community who believes in the future of crypto. This is a purely commemorative NFT with an open mint and has no intended utility or value,” the project’s page on Zora states.

The crypto community has “fired up”

In a separate Twitter thread, Coinbase stated that “the community is clearly fired up about sensible crypto policy.”

Those who want to participate in the campaign can do so by minting a commemorative NFT and posting a shield emoji next to their Twitter username, according to the exchange.

Coinbase says that all of the proceeds made from the “Stand With Crypto” NFT collection will be given to “vetted organizations.” These organizations include crypto lobby and education groups like the DeFi Education Fund, the Blockchain Association, CoinCenter, and the Blockchain Foundation.

The action occurred hours after the largest cryptocurrency exchange in the United States filed a lawsuit against the U.S. Securities and Exchange Commission (SEC) in an effort to compel the agency to publicly respond to a nearly year-old petition regarding cryptocurrency regulation.

After the SEC claimed that nine tokens available on Coinbase were unregistered securities in July 2022, Coinbase filed a petition seeking 50 answers that would provide “clarity and certainty regarding the regulatory treatment of digital asset securities.”

As per Coinbase’s chief legal officer, Paul Grewal, the SEC is required by law to provide a response to petitions “within a reasonable time.”

“We are simply requesting that the Court order the SEC to respond at all, which they are legally obligated to do,” Grewal wrote in a blog post Monday.

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