Business Markets News Report
June 08, 2023

The Crypto Community Adopted “Stand With Crypto” NFT After the SEC Sued Binance and Coinbase

In Brief

The crypto community minted 140,830 nonfungible tokens as part of a collection previously launched by COINBASE. The goal was to encourage US regulators to provide a “sensible crypto policy”.

The crypto community has come together to mint 140,830 NFTs “Stand with Crypto” as part of a collection released by the exchange giant Coinbase. The aim? To influence U.S. regulators to establish a “sensible crypto policy”.

The Crypto Community Adopted "Stand with Crypto" NFT After the SEC Sued Binance and Coinbase

Coinbase launched the Stand with Crypto collection in April this year. These commemorative NFTs are purely symbolic, with “no intended utility or value,” according to the company’s website. The collection acts as a symbol of unity for the crypto community seeking sensible cryptocurrency policy. The collection’s blue shield emblem stands for the individual and collective effort to protect and enhance cryptocurrencies’ potential.

To express their support, individuals can mint a free ‘Stand with Crypto’ NFT and add a shield emoji next to their Twitter display name. They can also become a “Stand with Crypto advocate” by scanning the QR code on the NFT or signing up on the ConsenSys Quorum website. The QR code associated with each NFT update regularly, enabling holders to take various actions in advocating for crypto.

The Quorum website echoes the need for advocacy, stating, “If you love crypto and believe in the potential of web3, it’s more important than ever to advocate for pro-crypto policy in the US.” It positions ‘Stand with Crypto’ as a grassroots campaign aiming to sway opinion in all 435 US Congressional Districts. The website assures that ‘Stand with Crypto’ can influence laws and policies, rally a community for strength in numbers, advance innovation, secure jobs, and educate everyday Americans about crypto.

Coinbase Stand with Crypto

Among the 140,830 pieces minted at the time of writing, one was minted by Coinbase CEO Brian Armstrong himself.

Coinbase will donate mint fees from this collection. Verified organizations will receive these donations via a Crypto Advocacy Round with Gitcoin.

Interestingly, this surge of interest in the collection coincides with the commencement of a legal battle between the U.S. Securities and Exchange Commission (SEC) and exchange platforms like Coinbase and Binance. More information about this legal dispute is available below.

  • The U.S. Securities and Exchange Commission (SEC) filed charges against Coinbase on Tuesday, accusing the company of operating as an unregistered national securities exchange, broker, and clearing agency. The SEC also charged the company with not registering its crypto asset staking service as a service.

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About The Author

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

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Nik Asti
Nik Asti

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

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