The rack of Crypto NFTs is spreading across Crypto Twitter
Following the SEC’s attack on Binance and Coinbase this week, several figures in the crypto space have started making a stand with Crypto NFTs to show their support for the exchanges in this challenging time. When it comes to the overall regulatory action, the move comes as a surprise to many, adding more to the general frustration around the lack of policy and clarity within the US cryptosphere.
Although the lawsuits were limited to Coinbase and Binance, their effects were felt throughout the industry, causing a decline in the value of a number of cryptocurrencies. The masses currently believe that recent actions, combined with the possibility of major crashes in the future, could cause crypto to eventually fall. However, people familiar with the volatility cycles have encouraged others to speak out in support of a decentralized financial future.
A way to show support
Since Monday, many people have marked Coinbase’s Stand with Crypto NFT on it Zora, a coining platform, to mark their commitment to cryptocurrencies. With this, they simultaneously demand regulatory clarity. Currently, a total of 140,240 people marked the stand with Crypto NFT.
Soon after coining the NFT, Twitter users were encouraged to add a shield emoji to their usernames in an attempt to mark their solidarity with the movement. The stand with Crypto NFT is currently free to create, but Zora highlighted that the entire platform coin fees will be donated to controlled organizations via the Crypto Advocacy Round through Gitcoin. However, Zora released the collection in April, and Coinbase CEO Brian Armstrong tweeted not too long after he minted an NFT for himself.
I just embossed Stand with Crypto
— Brian Armstrong 🛡️ (@brian_armstrong) 25 April 2023
A Coinbase spokesperson stated,
“We stand united with the crypto community in our efforts to advocate for sound crypto policy in the United States. The Stand with Crypto memorial NFT is a symbol of unity for the crypto community – representing our collective stand to protect and advance the crypto potential of the United States.”
Embossing the stand with Crypto NFT has become mandatory
The previous 48 hours have been crucial for the cryptocurrency industry. On Monday, the SEC issued a legal notice to Binance and its CEO, Changpeng Zhao, for allegedly violating securities laws. A day after, the regulator took similar steps to tackle Coinbase, accusing it of similar allegations. The SEC even tried to freeze all assets related to Binance.US.
With the severity of the current situation in the cryptocurrency space, a number of people took to Twitter to show their support. Many claim that Coinbase has been the most compliant exchange, helping people get started with cryptocurrencies. At the same time, many sent out best wishes to Coinbase for standing up to the SEC. However, overall sentiment around the shield has been positive, but some Twitter users have criticized Armstrong for using the NFT to show off.
