Coinbase CEO Unveils a ‘Stand With Crypto’ Commemorative NFT to Push for Sensible Policies ⋆ ZyCrypto

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 crackdown by the US 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 around cryptocurrency. NFT has a striking blue shield, representing the collective will to protect and advance the potential of digital currencies.

In addition to showing support for the cause, the NFT will allow holders to actively engage in community efforts and take various actions to further advance the advocacy of crypto. Over 135,531 NFTs were already minted at press time on the Zora NFT marketplace.

This disclosure follows close on the heels of the US Securities and Exchange Commission (SEC) filing a lawsuit against Coinbase on Tuesday, just a day after a similar case 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, but still “Coinbase has never registered with the SEC as a broker-dealer, national securities exchange or clearinghouse, thereby avoiding 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 regulations. In a tweet, Armstrong criticized the SEC’s enforcement-based approach, saying it hurt America and the industry, and highlighted that the SEC had previously reviewed Coinbase’s operations and allowed it to become a public company in 2021.

Armstrong further noted that the introduction of new legislation by the US Congress and the global move towards establishing clear rules demonstrated the need for regulatory clarity. He reaffirmed Coinbase’s confidence in their adherence to the facts and the law, and expressed his belief that America would eventually find the right path forward.

This isn’t the first time Coinbase has publicly pushed back against the SEC. Earlier this year, the stock exchange launched a grassroots campaign called “Crypto 435” aimed at advocating pro-crypto policies in all 435 congressional districts across the U.S. Through the initiative, the exchange noted that it “will provide the Crypto435 community with information on how to contact specific politicians in their local districts, what those politicians’ documents on crypto are, tips for making your voices heard in DC, and more.”

Meanwhile, as the legal battle between the SEC and Coinbase takes another twist, it remains to be seen whether the crypto community can remain resilient and determined to secure the future of cryptocurrencies in these challenging times.