Coinbase has launched a non-fungible token (NFT) campaign dubbed “Stand With Crypto” to empower the community and promote implementation of favorable policies. The launch comes after Coinbase sued the United States Securities and Exchange Commission (SEC) earlier this week requesting clarity about the agency’s position on crypto legislation.
Coinbase NFT Campaign Stand With Crypto
Coinbase launched a campaign on April 25th which involves a blue shield on their NFT that represents their efforts to protect and promote the potential of cryptocurrency. To show support, Coinbase encouraged campaign participants to add a shield emoji on their Twitter page.
More than 13,000 people, including the CEO of Coinbase, have already minted the NFT as part of the campaign. The collection’s overall value is 5 ethereum (ETH) and has a floor price of 0.0009 ETH, according to OpenSea, an NFT marketplace.
Earnings from the collection will be donated to various vetted organizations through a Crypto Advocacy Round in partnership with Gitcoin. “Stand With Crypto” is one of the emerging campaigns from earlier this year following the introduction of Crypto 435, a grassroots initiative aimed at influencing policy-making in the United States.
The campaign aims to assist pro-crypto activists by providing contact information about local politicians and finding their position on crypto, an emerging asset class.
Coinbase Files Lawsuit Against SEC
The campaign was launched shortly after Gary Gensler, the chair of the SEC, failed to clarify whether ethereum (ETH) is a security or commodity, similar to bitcoin (BTC), during a committee meeting. However, the United States Commodity Futures Trading Commission (CFTC) has classified ETH, along with litecoin (LTC), as commodities similar to BTC. This lack of clarity highlights the need for more consensus among regulators regarding the classification of certain digital assets.
Coinbase recently filed a lawsuit against the SEC, requesting that the regulator draft guidelines to help crypto-centric businesses launch in the United States. The lawsuit also asks the SEC to publicly respond to a petition it received months ago, inquiring whether it would permit the industry to be governed by existing regulatory frameworks. Despite increasing enforcement proceedings and warnings, including against Coinbase, the SEC has yet to respond to the petition.
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