Coinbase CEO Brian Armstrong has voiced support for a campaign that calls for the crypto industry to unite and create transparent regulations. The campaign involves minting a “Stand with Crypto” NFT at the Zora marketplace. The piece showcases a blue shield that symbolizes a collective endeavor to protect and promote the potential of cryptocurrency.
The move came after a legal complaint to the U.S. Securities and Exchange Commission (SEC) over an unanswered petition on crypto regulation nearly a year ago. The lawsuit seeks to compel the agency to respond publicly to a petition by Coinbase in July 2022, which sought clarity and definitive guidelines on the regulatory treatment of digital asset securities.
I just minted Stand with Crypto https://t.co/4T0OWbpCCf
— Brian Armstrong 🛡️ (@brian_armstrong) April 25, 2023
The campaign said it would donate all associated with the NFT collection to vetted organizations, like crypto lobbyists and educational organizations, including the DeFi Education Fund, the Blockchain Association, CoinCenter, and the Blockchain Foundation.
Crypto community shows strong support
The campaign has gained significant traction on social media. Many users minted the commemorative NFT and added the shield emoji to their Twitter usernames to show their support.
1/ The community is clearly fired up about sensible crypto policy. Here’s how to continue the support 👇
1️⃣: Mint a Stand With Crypto commemorative NFT
2️⃣: Add a shield emoji next to your Twitter display name 🛡️
— Coinbase 🛡️ (@coinbase) April 24, 2023
According to the campaign, the NFT serves as a symbol of unity for the community and a rallying point for their efforts to establish clear rules and regulations in the crypto industry.
The project’s page on Zora reads, “The blue shield not only shows your support for the cause but also that you’re part of a growing community who believes in the future of crypto. This is a purely commemorative NFT with an open mint and has no intended utility or value.”
As of the current writing, the NFT has been minted over 28,000 times for free, with some users minting it multiple times to express their support for Armstrong’s call.
1/ It’s time to advance pro-crypto policy in all 435 Congressional Districts across the U.S.
Introducing #Crypto435, our campaign to grow the crypto advocacy community and share tools and resources to make your voice heard.
Become an advocate today 👇 https://t.co/TPJhtoP9eC
— Coinbase 🛡️ (@coinbase) February 28, 2023
Coinbase’s legal battle
In July 2022, former Coinbase product manager Ishan Wahi and two others were charged by the U.S. Department of Justice with wire fraud conspiracy and wire fraud in connection with a year-long, insider-trading scheme that generated over $1.1 million in profits.
Wahi allegedly provided information on upcoming token listings on Coinbase to his brother and friend. He used this knowledge to buy tokens before they were listed and then sell them quickly for a profit.
The announcement of their availability typically causes an increase in value. This is known as the “Coinbase effect.” The SEC’s acting chief of the crypto assets and cyber unit said the case demonstrates their commitment to identifying and combating insider trading in securities.
Not long after the incident, Coinbase submitted a petition to the SEC requesting answers to 50 questions that would provide clear regulatory guidance on digital asset securities. The largest cryptocurrency exchange in the U.S. took legal action against the SEC, filing a lawsuit to compel the agency to publicly respond to its petition, which had been pending for nearly a year.
In a blog post on Monday, Coinbase Chief Legal Officer Paul Grewal emphasized that their request to the court is simply to “order the SEC to respond at all, which they are legally obligated to do.” He further clarified that Coinbase is not seeking the court to dictate how the commission should respond.
Apart from the campaign, the #Crypto435 initiative has been launched to enable individuals to express their views on the ideal policies for the crypto industry. #Crypto435 is a grassroots movement that aims to encourage pro-crypto policies in all 435 Congressional Districts across the U.S.
According to the platform, the significance of this campaign is to influence laws and policies, promote innovation, protect jobs, and educate people on the benefits of crypto. As crypto regulation in Washington D.C. has significant implications for the country and the world, it is crucial to keep regulators informed as they make decisions that will impact the future of crypto activities.