Coinbase, a San Francisco-based cryptocurrency exchange, 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 blue shield NFT
The campaign, launched on April 25, features a blue shield on Coinbase’s commemorative NFT. It represents the group’s effort to safeguard and advance the potential of cryptocurrency.
Coinbase urged campaign participants to add a shield emoji on their Twitter page as a way of showing support.
Over 13,000 people, including Brian Armstrong, the CEO of Coinbase, have already minted the NFT as part of the campaign.
Earnings from the collection will be donated to various vetted organizations through a Crypto Advocacy Round in partnership with Gitcoin.
Coinbase’s “Stand With Crypto” is one of the many emerging campaigns from earlier this year following the introduction of Crypto 435, a grassroots initiative designed to impact policy-making in the United States.
The campaign looks into assisting pro-crypto activists by supplying contact information about local politicians and finding their position on crypto, an emerging asset class.
Coinbase files lawsuit against SEC
The campaign’s launch is days after the SEC’s chair, Gary Gensler, while before a committee, failed to clarify whether ethereum (ETH) is a security or a commodity, like bitcoin (BTC). The United States Commodity Futures Trading Commission (CFTC) classifies ETH, including litecoin (LTC), as commodities similar to BTC.
Therefore, Gensler’s decision signaled a need for more consensus among regulators about the classification of certain digital assets.
Earlier this week, Coinbase filed a lawsuit against the SEC seeking to compel the regulator to draft guidelines that will guide crypto-centric businesses seeking to launch in the United States.
In the lawsuit, Coinbase wants the SEC to publicly respond to a petition it received months ago asking whether it would permit the industry to be governed by existing regulatory frameworks.
Despite increasing enforcement proceedings and warnings against cryptocurrency exchanges, including Coinbase, the SEC didn’t respond to the petition.