Coinbase, the San Francisco-based crypto exchange, launched a non-fungible token (NFT) campaign called ‘Stand with Crypto’. This campaign is intended to empower the community and promote the implementation of favorable policies. It is based on the group’s attempts to emerge as a shield to form a secure buffer to advance the potential of cryptocurrency. The launch was triggered after Coinbase sued the United States Securities and Exchange Commission (SEC) looking for clarity about the agency’s stand on digital asset legislation.

Brian Armstrong, the Coinbase CEO, was the among the first 13,000 people to mint the NFT. According to traditional marketplace Ethereum OpenSea, the collection has an overall value of 5 ETH and a floor price of 0.0009 ETH. A majority of the earnings from the collection will be donated to various organizations via a Crypto Advocacy Round in collaboration with Gitcoin.

This launch is days after the SEC’s Chair, Gary Gensler, failed to address whether Ethereum (ETH) is a security or a commodity, during a meeting. The US Commodity Futures Trading Commission (CFTC) considers ETH and Litecoin (LTC) to be commodities, along with Bitcoin (BTC). Coinbase’s lawsuit against the SEC appealed the regulator to publish guidelines that would aid crypto-based businesses to establish themselves in the United States.

The reason Coinbase is adamant about developing clarity around the crypto legislation is because there is an increase in enforcement and warnings against cryptocurrency exchanges. The ‘Stand with Crypto’ campaign comes in the wake of another grass-root initiative called Crypto 435 which seeks to bring about policy changes in the US. It provides contact information of local politicians and helps discover their position on crypto.

Cryptocurrency is gaining traction and this initiative from Coinbase is welcomed. Its NFT campaign can be effective in creating awareness and encourage the community to assist in propelling the crypto revolution. The SEC needs to spell out its stand on crypto legislation to protect and further advance the crypto cause and expand its reach.



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