Coinbase CEO Brian Armstrong has unveiled a “Stand with Crypto” commemorative non-fungible token (NFT) in a show of solidarity with the crypto community following the latest onslaught by the U.S. Securities and Exchange Commission (SEC) on crypto.
Described as a unifying emblem for those who believe in the future of crypto on its official website, this symbolic artwork aims to rally support and advocate for sensible policies surrounding cryptocurrency. The NFT features a striking blue shield, representing the collective determination to protect and promote the potential of digital currencies.
In addition to displaying support for the cause, the NFT will allow holders to actively engage with the community’s efforts and take various actions to advance the advocacy for crypto further. Over 135,531 NFTs were already minted at press time on the Zora NFT marketplace.
This unveiling follows closely on the heels of the U.S. Securities and Exchange Commission (SEC) filing a lawsuit against Coinbase on Tuesday, just a day after a similar suit was filed against Binance.
In particular, the SEC argued that Coinbase’s platform operated three functions that are typically separated in traditional securities markets-those of brokers, exchanges, and clearing agencies, yet “Coinbase has never registered with the SEC as a broker, national securities exchange, or clearing agency, thus evading the disclosure regime that Congress has established for our securities markets.”
Armstrong responded to the lawsuit by expressing his pride in representing the industry in court and seeking clarity on crypto rules. In a tweet, Armstrong criticized the SEC’s enforcement-based approach, stating that it was harming America and the industry, highlighting that the SEC had previously reviewed Coinbase’s business and allowed it to become a public company in 2021.
Armstrong further noted that introducing new legislation by the US Congress and the global move towards establishing clear rules demonstrated the need for regulatory clarity. He affirmed Coinbase’s confidence in their adherence to the facts and the law expressing his belief that America would ultimately find the right path forward.
This is not the first time Coinbase is publicly pushing back against the SEC. Earlier this year, the exchange launched a grassroots campaign dubbed “Crypto 435” aimed at advocating for pro-crypto-policy in all 435 Congressional Districts across the U.S. Through the initiative, the exchange noted that it “will empower the Crypto435 community with information about how to contact specific politicians in their local districts, what those politician’s records on crypto are, tips for making your voices heard in D.C., and more.”
Meanwhile, as the legal battle between the SEC and Coinbase takes a new twist, it remains to be seen whether the crypto community can stay resilient and determined to safeguard the future of cryptocurrencies in this challenging time.