Coinbase CEO Launches ‘Stand With Crypto’ NFT Amid SEC Tussle

• Coinbase CEO Brian Armstrong tweeted about the newly created initiative.
• The exchange emphasized that 100% of sales will be donated to vetted firms.

On Monday, the largest cryptocurrency exchange in the United States, Coinbase, sued the Securities and Exchange Commission (SEC), a prominent financial watchdog. Its chief executive minted an NFT and urged the crypto community to “Stand With Crypto” while the exchange pursues legal action to clarify regulatory requirements.

Coinbase CEO Brian Armstrong tweeted about the newly created Stand with Crypto initiative. Launching the newly minted NFT represents a coming together of the crypto community in its pursuit of a clear and reasonable crypto policy. So far, 11,247 NFTs have been minted to back the newly announced project by the exchange.

Blue Shield NFT

Details reveal that the NFT’s blue shield stands for a united stance to support and advance the cryptocurrency sector. The “Stand With Crypto” is allegedly an open mint NFT holding with no use or worth.

Coinbase emphasized that 100% of sales from the ZORA-exclusive “Stand With Crypto” NFT collection will be donated to vetted firms. The process, however, will include a round of crypto lobbying.

It was previously reported that the largest cryptocurrency exchange in the United States has sued the Securities and Exchange Commission. Coinbase has petitioned the SEC for a public response to an older petition about crypto sector regulation.

Inquiring into the commission’s plan and requesting new regulations for securities regulation, the petition is submitted in July 2022. According to Paul Grewal, Coinbase’s Chief Legal Officer, the SEC must reply to petitions and must do so within a reasonable period. There has been no response from the commission since July.

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