The crypto industry has faced a bleak 48 hours as the Securities and Exchange Commission (SEC) filed lawsuits against Binance and its CEO Changpeng Zhao on Monday for purportedly breaching federal securities laws, followed by a similar lawsuit against oinbase">Coinbase the next day, with the SEC later attempting to freeze assets linked to Binance.US, the exchange’s US-based subsidiary.
The recent crackdown by the SEC on Binance and oinbase">Coinbase has not come as a surprise to some, but it has contributed to the existing frustration regarding the insufficient policy and regulatory transparency in the US crypto sector, leading to a decline in the value of tokens mentioned in the lawsuits and causing a stir across the entire industry, with some critics speculating that this development could potentially signal the collapse of the crypto market.
Individuals with a background in the crypto industry are accustomed to fluctuations in market volatility and regulatory challenges and have encouraged each other to voice their advocacy for a decentralized financial future, leading to the creation of oinbase">Coinbase’s Stand with Crypto non-fungible token (NFT) on Zora’s minting platform by various personalities within the crypto space since Monday morning, as a symbol of their dedication to the sector while also calling for regulatory transparency.
An NFT Representing the Need for Regulatory Transparency
In April, oinbase">Coinbase introduced the open-edition mint of the Stand with Crypto NFT as the crypto industry was grappling with regulatory concerns in the aftermath of several crypto banking collapses, with the NFT serving as a commemorative emblem signifying the crypto community’s aspiration for regulatory clarity and unwavering commitment to the sector despite the legal challenges it faces, leading to the call for Twitter users to add a shield emoji to their usernames to demonstrate their support for the initiative. A oinbase">Coinbase spokesperson stated that the Stand with Crypto NFT represents the unity of the crypto community in advocating for reasonable crypto policies in the US, safeguarding and promoting the potential of crypto in the country.
Although the Stand with Crypto NFT can be minted for free, the minting platform will contribute the minting fees to verified organizations via Crypto Advocacy Round through Gitcoin to bolster crypto advocacy endeavors. As of the time of writing, more than 138,000 NFTs have been minted, with several prominent personalities in the NFT and crypto space having already minted the NFT. When the collection was launched by Zora in April, oinbase">Coinbase CEO Brian Armstrong tweeted that he had already minted one of the NFTs.
Several other notable individuals in the crypto industry also utilized the shield emoji on Twitter to emphasize their endorsement of the Stand with Crypto NFT initiative.
Alex Xu, the creator of the well-known NFT collection Azuki, who is recognized as Zagabond on Twitter, shared a modified version of his profile picture (PFP) featuring oinbase">Coinbase shield artwork. In a tweet, Xu expressed his support for Brian Armstrong, stating that oinbase">Coinbase has been the most compliant exchange and has helped millions of individuals enter the crypto space, and he hopes that Armstrong’s stance against the SEC will result in greater regulatory transparency for the entire industry. Despite the largely favorable response to the shield, a few Twitter users have criticized Armstrong for utilizing the NFT to demonstrate his moral values
