Coinbase Launches a New Campaign to Push for Regulatory Change
- The SEC claims that nine of the tokens available on Coinbase are unregistered securities.
- Coinbase has been on the move to advocate for pro-crypto policies.
Crypto exchange Coinbase has remained vocal in its call for better regulatory measures in the United States and has backed a new campaign urging crypto enthusiasts to demand regulatory clarity for the budding sector.
Coinbase kicked off a new NFT campaign called “Stand With Crypto” on April 25 after filing an action to force the US Securities and Exchange Commission to respond to its regulation petition. According to Coinbase, the NFTs stand for the community’s commitment to preserving and advancing cryptocurrency’s potential and have become a representation of the search for “sensible crypto policy.”
Coinbase CEO Brian Armstrong revealed on Twitter that the NFTs were minted at the Zora marketplace. The NFT displays a blue shield as an emblem of a coordinated effort to protect and enhance cryptocurrency’s potential. The NFTs page on Zora explains that,
The blue shield not only shows your support for the cause but also that you’re part of a growing community that believes in the future of crypto. This is a purely commemorative NFT with an open mint and has no intended utility or value.
Coinbase stated in a different Twitter thread that “the community is clearly fired up about sensible crypto policy.” Users can join the campaign by minting a commemorative NFT and adding a shield emoji to their Twitter profile.
Coinbase also revealed that all revenues generated from the “Stand With Crypto” campaign will be distributed to “vetted organizations,” such as crypto lobbying groups and educational institutions including the Blockchain Foundation, DeFi Education Fund, CoinCenter, and the Blockchain Association.
Coinbase has endured a difficult relationship with the SEC after the regulator claimed nine tokens available on the exchange were unregistered securities. Coinbase filed a petition demanding the SEC provide “clarity and certainty regarding the regulatory treatment of digital asset securities.”
Coinbase chief legal officer Paul Grewal believes the SEC is required by law to respond to petitions “within a reasonable time.” The SEC’s push against cryptocurrencies has been seen as an attack on the industry.