'Stand With Crypto' Campaign Backs Up Lawsuit Against SEC
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Stand with Crypto executive mints NFT shield after recommending action
Armstrong tweeted, "I just minted Stand with Crypto," and included a link to a free NFT shield image on the Zora marketplace. The executive has not yet taken the second recommended action to demonstrate support for the project after minting the NFT, putting an emoji of a shield next to his Twitter name.
A query seeking clarification regarding whether the Stand with Crypto campaign was created by the exchange or independently of the company was not immediately answered by Coinbase.
Armstrong's tweet came shortly after Coinbase announced that it was filing a lawsuit against the SEC to get a response to its July request that the US regulator writes a specific rule for digital assets. The agency hasn't made a separate crypto regulation since that request, but it has reopened custody and exchange rules to say that they apply to digital assets. Additionally, the SEC has taken a number of enforcement actions against crypto companies, one of which was an investigation into Coinbase.
Blue shield to be minted to support sensible U.S. crypto policy
According to the project's Zora page, "The Stand with Crypto commemorative NFT is a symbol of unity for the crypto community seeking the sensible crypto policy. The NFT's blue shield is a collective declaration of support for the potential of cryptocurrency. The blue safeguard shows your help for the purpose as well as that you're important for a developing local area that has faith in store for crypto.
Coinbase has attempted in the past to influence American policy through grassroots lobbying efforts. People are also encouraged to become advocates for Crypto435 on the Zora page called "Stand With Crypto." The blue shield NFT created for the Stand with Crypto campaign is "purely commemorative," with no limits on the number that can be minted. It doesn't intend to have any utility or value. As of the time of publication, more than 11,000 NFTs had been minted.