Coinbase has launched a ‘Stand With Crypto’ NFT campaign to shake things up with its lawsuit with the Securities and Exchange Commission (SEC).
By minting an NFT for the campaign, the San Francisco-based exchange is calling attention to the operations of the SEC.
What Birthed the ‘Stand With Crypto’ Campaign?
The US Commodity Futures Trading Commission describes Ethereum and Litecoin as “commodities”, just like Bitcoin. However, the chairman of the SEC, Gary Gensler, was unable to provide clarification as to whether or not Ethereum is a “security” or a “commodity”. This event brought up the need for unanimity among regulatory officials about the classification of cryptocurrencies.
Last week, Coinbase filed a lawsuit against the leading regulatory agency for financial activities. The legal battle requires the SEC to answer a request Coinbase filed in July for the financial regulators to come up with detailed crypto regulations in the US. The SEC has also opened an investigation into the crypto exchange platform.
More than 97,400 ‘Stand With Crypto’ NFTs have been minted. The CEO of Coinbase, Brian Armstrong, shared a tweet announcing that he had minted the ‘Stand With Crypto’ NFT as well.
The Need for Coinbase’s ‘Stand With Crypto’ NFT Campaign
“Stand With Crypto” was launched to permit favourable crypto policies for the crypto space. The NFT is symbolized by a blue shield representing a protective barrier for the crypto community.
To smoothen things with the NFT drop, the exchange platform decided to work together with ZORA. ZORA is an NFT marketplace on the Ethereum blockchain.
It is still unclear as to whether or not this NFT campaign will directly influence the ongoing lawsuit. However, the bold move shows that the crypto space is determined to completely explore the usage of digital assets and their respective technologies.