Coinbase CEO Brian Armstrong introduces “Stand With Crypto” NFT

SNEAK PEEK

• Coinbase CEO Brian Armstrong has minted a unique NFT to fight back against US regulatory concerns.
• The NFT includes a blue shield that represents a collaborative stand aiming towards the security and promotion of crypto’s potential.
• Just a few hours before, the crypto exchange sued the Securities and Exchange Commission for clarity associated with digital asset regulation. 

Coinbase CEO has urged the community to come out in support of cryptocurrency. In his recent tweet, Brian Armstrong wrote that he had “just minted” “Stand with Crypto.” The minted non-fungible token has been released as a symbol of unity within the crypto community while expecting a clear and meaningful crypto policy. 

I just minted Stand with Crypto https://t.co/4T0OWbpCCf

— Brian Armstrong (@brian_armstrong) April 25, 2023

Over 11,247 non-fungible tokens have been minted in support of the exchange’s initiative.

The NFT features a blue shield that reflects its growing commitment to secure and foster the crypto industry. Besides showing support for the cause, the blue shield shows that the supporters are an integral part of the expanding crypto community with strong beliefs in the future of crypto. 

The blue shield NFT for the ‘Stand with Crypto’ campaign is completely commemorative in nature and doesn’t have any limits on the total number that can be minted. It neither has any utility nor any value.

Coinbase mentioned that all funds related to the “Stand With Crypto” NFT collection released through the ZORA NFT marketplace will be donated to vetted organizations. It will be done via a  crypto advocacy round.

The exchange has repeatedly attempted to influence U.S. policy with grassroots lobbying campaigns. For instance, in February, the exchange announced Crypto435—an initiative to expand the crypto advocacy community as well as share tools and resources to make the voice heard.

The initiative is keen to encourage pro-crypto policy in America’s 435 congressional districts. The “Stand With Crypto” page on Zora motivates individuals to become Crypto435 advocates. 

Meanwhile, Coinbase has filed a petition in court asking the Securities and Exchange Commission to come up with clearer regulatory guidelines for the crypto industry.

The petition has 50 questions related to the regulatory treatment of some digital assets, which also include how tokens are categorized as securities. It also urges guidelines related to buying cryptocurrencies on exchanges regulated by the SEC.

On the other hand, the SEC is involved in many enforcement actions against crypto firms, which also include an investigation into Coinbase.