Coinbase emphasized that all proceedings related to Stand with Crypto NFT collection launched through ZORA will be donated to vetted organizations.
The biggest cryptocurrency exchange in the United States Coinbase has recently filed a lawsuit against top financial regulators Securities and Exchange Commission (SEC). The move comes after months of embittered relations between the two parties over SEC’s stringent regulatory policies for all companies dealing with crypto. As the crypto exchange chooses the legal path to get regulatory clarity, Coinbase CEO Brian Armstrong minted an NFT recently and asked the community to “Stand with Crypto”.
Coinbase’s CEO tweeted recently about minting a Non-Fungible Token and asking everyone to stand together in unity among the crypto community to seek a feasible crypto mandate. Presently, more than 11,247 NFTs have been minted in allegiance to the exchange’s recent undertaking.
As per details, the NFT is featuring a blue shield that represents a cumulative stand to protect and encourage the crypto industry. The “Stand with Crypto” is an NFT holding with no utility or value. Coinbase emphasized that all proceedings related to Stand with Crypto NFT collection launched through ZORA will be donated to vetted organizations. But this will be completed through a crypto advocacy round.
In the lawsuit, the company has requested the commission to publicly provide answers to an old petition about regulation of the crypto space. The petition that was filed in July 2022, asks about the commission’s proposal and assumed rules to administer the regulation of securities. Paul Grewal, who is the Chief Legal Officer of Coinbase, claimed that the SEC should be answerable to petitions by legislation and should answer petitions in a decent time.
Unfortunately, the commission hasn’t replied to any inquiries since July.
Armstrong’s minted NFT image is of a shield on a Zora marketplace. Following the minting of NFT, the company official has not taken the next step to show solidarity towards the movement, which is the addition of a shielded emoji with the Twitter name.
Coinbase hasn’t been responsive to the queries of media outlets seeking clarity on whether the Stand with Crypto campaign has been designed by the exchange or is unassociated with it.
Coinbase’s request in July did not receive a reply, moreover, SEC actively reopened custody and exchange regulations to specifically convey that they apply to virtual assets. The SEC has also proactively been involved in multiple enforcement activities against crypto organizations, which obviously includes an investigation on Coinbase.
Coinbase has had a long past of trying to impact US policy with massive lobbying campaigns. Recently, in February, it announced an effort to promote the crypto advocacy community and share resources to make their voices heard.
Sanaa is a chemistry major and a Blockchain enthusiast. As a science student, her research skills enable her to understand the intricacies of Financial Markets. She believes that Blockchain technology has the potential to revolutionize every industry in the world.
