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 the implementation of favorable policies.
The launch comes after Coinbase sued the US Securities and Exchange Commission (SEC) earlier this week seeking clarification of the agency’s position on cryptocurrency legislation.
Coinbase Blue Shield NFT
The campaign, which launched on April 25, features a blue shield on Coinbase’s commemorative NFT. It represents the group’s efforts to protect and enhance the potential of cryptocurrency.
Coinbase urged campaign participants to add a shield emoji on their Twitter page as a way to show support.
More than 13,000 people, including Coinbase CEO Brian Armstrong, have already minted NFTs as part of the campaign.
according to data From OpenSea, an NFT market, the pool has a total value of 5 ethereum (ETH) and a minimum price of 0.0009 ETH.
Profits from the collection will be donated to the many organizations vetted through the crypto advocacy round in partnership with Gitcoin.
Coinbase’s “Stand With Crypto” is one of several campaigns emerging earlier this year following the introduction of Crypto 435, a grassroots initiative designed to influence policymaking in the United States.
The campaign is looking to help pro-crypto activists by providing contact information for local politicians and finding their locations in cryptocurrency, an emerging asset class.
Coinbase is suing the SEC
The launch of the campaign comes days after SEC Chairman Gary Gensler failed, while appearing before a committee, to clarify whether ethereum (ETH) was a security or a commodity, like bitcoin (BTC). The United States Commodity Futures Trading Commission (CFTC) classifies ethereum, including litecoin (LTC), as a commodity similar to bitcoin.
Therefore, Gensler’s decision indicated the need for more consensus among regulators on the classification of certain digital assets.
Earlier this week, Coinbase sued the Securities and Exchange Commission (SEC) in an attempt to force the regulator to craft guidelines that would guide cryptocurrency-focused companies seeking to launch in the United States.
(embed) https://www.youtube.com/watch?v=WuvUXS3vdFQ (/embed)
In the lawsuit, Coinbase wants the SEC to respond publicly to a petition it received months ago asking if it would allow the industry to be governed by existing regulatory frameworks.
Despite increased enforcement action and warnings against cryptocurrency exchanges, including Coinbase, the SEC has not responded to the petition.