Crypto Community Adopts 'Stand With Crypto' NFT After SEC Sues Binance and Coinbase
The crypto community has minted over 140,830 non-fungible tokens (NFTs) in a collection previously launched by the exchange giant Coinbase with a goal to make the US regulators provide a much-needed "sensible crypto policy."
Launched in April this year, 'Stand with Crypto' is a collection of commemorative NFTs with "no intended utility or value."
The collection is "a symbol of unity for the crypto community seeking sensible crypto policy," said the website.
It shows a blue shield that represents individual support and the collective stand to protect and promote cryptocurrencies' potential.
Interested people can mint a free 'Stand with Crypto' NFT and add a shield emoji next to their Twitter display name.
They can then either scan the QR code on the NFT to become "a Stand with Crypto advocate" or sign up on the ConsenSys Quorum website.
The associated QR code is periodically updated, the description said, to enable the NFT holder to take "different actions to continue advocating for crypto."
This Quorum website states that,
"If you love crypto and believe in the potential of web3, it’s more important than ever to advocate for pro-crypto policy in the US."
It goes on to explain that 'Stand with Crypto' is a grassroots campaign to advocate for pro-crypto policy and to "change hearts and minds" in all 435 US Congressional Districts.
They hope the initiative will help influence laws and policies, gather people in a community to gain strength in numbers, promote innovation, protect jobs, and educate everyday Americans about crypto.
At the time of writing, there were 140,830 pieces minted. Among these was one minted by Coinbase CEO Brian Armstrong.
OpenSea data shows that the collection, at the time of writing, had a total volume of ETH 5, its floor price was ETH 0.0002, and there were 53,155 owners.
Any mint fees associated with this collection will be donated to vetted organizations through a Crypto Advocacy Round with Gitcoin, Coinbase said, adding:
"Mint unlimited NFTs and raise more funds to support crypto advocacy."
Notably, this rise in interest in the collection comes as the US Securities and Exchange Commission (SEC) started a legal battle with Coinbase and Binance, among others. You can read more about it below.
- Unraveling the Crypto Crisis: Timeline of Major Incidents
- No More Wild West: SEC Introduces New Era for Crypto
- Coinbase CEO Brian Armstrong Says He Was Met With an “Icy Reception” When Chatting With SEC’s Gensler
- SEC Chair Gary Gensler Calls for Crypto Firms To Register Following Binance, Coinbase Charges
- How To Send Ethereum from Coinbase to MetaMask Wallet
- 22 Ways to Earn Crypto on Binance