Coinbase Launches “Stand With Crypto” NFT After Going Against SEC

Coinbase News: Coinbase, the U.S. biggest crypto exchange on Monday filed a lawsuit against top financial regulators Securities and Exchange Commission (SEC). As the crypto exchange takes the legal route to seek regulatory clarity, Its CEO minted an NFT and called the community to “Stand With Crypto”.

Also Read: Coinbase Slaps A Lawsuit Compelling the SEC to Respond to Rulemaking Petition

Coinbase New Campaign To Seek Regulatory Clarity

Brian Armstrong, Coinbase CEO in a Tweet mentioned that just minted Stand with Crypto. The minted NFT is launched as a symbol of unity among the crypto community which is seeking a clear and sensible crypto policy. As of now, 11,247 NFTs have been minted in the support of the exchange’s launched initiative.

As per details, the NFT is featuring a blue shield that represents a cumulative stand to protect and promote the crypto industry. The “Stand With Crypto” is reportedly an open mint NFT holdings with no utility or value.

Coinbase highlighted that all proceeds associated with the “Stand With Crypto” NFT collection launched via ZORA will be donated to vetted organizations. However, this will be done through a crypto advocacy round.

Also Read: Ripple Moving Out Of U.S. After Coinbase CEO Drops Hint?

Coingape reported that the US’s biggest crypto exchange has filed a lawsuit against the SEC. Coinbase asked the commission to publicly answer a months old petition around regulation of the crypto industry.

The petition filed in July 2022 enquires about the commission’s proposal and adopts rules to govern the regulation of securities. Paul Grewal, Chief Legal Officer of Coinbase stated that the SEC is required by law to respond to petitions and that too within a reasonable time. However, the commission has been unable to reply since last July.