Coinbase Launches NFT Campaign, Seeks Pro-Crypto Policy Implementation

NFT

Coinbase, a San Francisco-based cryptocurrency exchange, has launched a non-fungible token (NFT) campaign called “Stand With Crypto” to strengthen the community and promote the implementation of beneficial policies.

The launch comes after Coinbase sued the U.S. Securities and Exchange Commission (SEC) earlier this week to seek clarity on the agency’s stance on crypto legislation.

Coinbase blue shield NFT

Launched on April 25, the campaign features a blue shield on Coinbase’s commemorative coin NFT. It represents the group’s efforts to protect and promote the potential of cryptocurrency.

Coinbase urged campaign participants to add a shield emoji to their Twitter page as a way to show their support.

More than 13,000 people, including Coinbase CEO Brian Armstrong, have already slammed the NFT as part of the campaign.

According to data from OpenSea, an NFT marketplace, the collection has a total value of 5 ethereum (ETH) and a floor price of 0.0009 ETH.

The proceeds 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 several emerging campaigns from earlier this year following the launch of Crypto 435, a grassroots initiative designed to influence policymaking in the United States.

The campaign explores helping pro-crypto activists by providing contact details of local politicians and finding their stance on crypto, an emerging asset class.

You might also like: Coinbase launches Crypto435 to push US crypto policy

Coinbase Files Lawsuit Against SEC

The launch of the campaign comes days after SEC Chairman 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 the need for greater consensus among regulators on the classification of certain digital assets.

Earlier this week, Coinbase filed a lawsuit against the SEC to force the regulator to issue guidelines for cryptocurrency companies 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 allow the industry to be governed by existing regulatory frameworks.

Despite increasing enforcement proceedings and warnings against cryptocurrency exchanges, including Coinbase, the SEC did not respond to the petition.

Read more: Coinbase is taking legal action against SEC