Following the SEC's lawsuit against Binance and Coinbase, the crypto community showed their support by adopting the 'Stand With Crypto' NFT.

The community minted a staggering 140,830 'Stand with Crypto' NFTs as part of an initiative led by Coinbase, striving to sway U.S. regulators toward sensible crypto legislation. Coinbase What’s the vision behind this initiative? It’s to influence legislation concerning cryptocurrency in a more favorable direction in the U.S.

Coinbase launched the Stand with Crypto This collection, launched in April, features commemorative NFTs that serve solely as symbols, devoid of any real utility or monetary value, as stated on the company's website. It symbolizes the unity of the crypto community advocating for a thoughtful regulatory framework. The blue shield design represents a collective commitment to safeguard the potential of cryptocurrencies.

To show their support, users can mint a complimentary 'Stand with Crypto' NFT and add a shield emoji to their display name on Twitter. Additionally, they can become an advocate by scanning the QR code linked to the NFT or registering on the ConsenSys Quorum platform. Each NFT’s QR code updates frequently, allowing holders to actively participate in crypto advocacy.

The Quorum platform emphasizes the imperative of advocacy, asserting, 'If you are passionate about crypto and value its future, advocating for favorable policies in the U.S. is more vital than ever.' The 'Stand with Crypto' initiative is framed as a grassroots movement geared towards influencing decisions across all 435 Congressional districts in the U.S. The platform promises that this campaign can reshape policies, galvanize community support, boost innovation, create job opportunities, and enlighten the average American on cryptocurrency. potential of web3 Out of the 140,830 NFTs minted so far, one was created by none other than Coinbase's CEO, Brian Armstrong.

Coinbase Stand with Crypto

Coinbase has committed to donating the minting fees garnered from this collection. Verified organizations will benefit from these donations via a Crypto Advocacy Round facilitated by Gitcoin.

Interestingly, this uptick in NFT creation coincides with the onset of legal disputes involving the U.S. Securities and Exchange Commission (SEC) and major exchanges like Coinbase and Binance. More details about this legal saga can be found below.

On Tuesday, the U.S. Securities and Exchange Commission (SEC) accused Coinbase of operating as an unregistered national securities exchange, broker, and clearing agency in a formal lawsuit.

• Both Binance and its CEO, Changpeng Zhao, are now facing a lawsuit from the SEC, sparking significant upheaval within the cryptocurrency market. asset staking service as a service.

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• The SEC declined Coinbase's attempts to secure registration as a broker-dealer in the U.S.
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