‘Stand With Crypto’ NFT spreads amid SEC crackdown
The downfall is not surprising to anyone; However, it has added to the frustration surrounding the lack of policy and regulatory clarity in the US surrounding crypto. While the lawsuits are currently only against Binance and Coinbase, the entire industry has been shaken by the news, and the value of the tokens mentioned in the filings has plummeted. Some critics hyperbolized that the situation could mark the crypto’s downfall.
But those native to the crypto space are familiar with cycles of volatility and regulatory backlash and have encouraged each other to be outspoken in their support for a decentralized financial future. Since Monday morning, figures across the crypto space have touted Coinbase’s Stand with Crypto non-fungible token (NFT) on coin platform Zora to mark their commitment to crypto while demanding regulatory clarity.
In April, as regulatory fears continued to consume the crypto space following the series of crypto bank collapses, Coinbase rolled out its open edition Crypto NFT booth. According to the listing on Zora, the memorial NFT symbolizes the crypto community’s desire for regulatory clarity and commitment to the space despite legal challenges.
After coining the NFT, Twitter users have been called to display a shield emoji in their username in solidarity with the movement.
“We stand united with the crypto community in our efforts to advocate for sensible crypto policy in the United States,” a Coinbase spokesperson told CoinDesk. “The Stand with Crypto memorial NFT is a symbol of unity for the crypto community – representing our collective stand to protect and advance the crypto potential of the United States.”
While Stand with Crypto NFT is free to mint, the site specifies that platform coin fees will be donated to controlled organizations via the Crypto Advocacy Round through Gitcoin to support crypto advocacy efforts.
At the time of writing, over 138,000 of the NFTs have been minted. Prominent figures across NFT and the crypto space have characterized NFT so far.
When Zora released the collection in April, Coinbase CEO Brian Armstrong tweeted that he had just minted one of the NFTs.
Other figures in the room also tweeted shield emojis to show their support.
Alex Xu, the founder of the popular NFT pool Azuki who goes by Zagabond on Twitter, posted an edit of his profile picture (PFP) with Coinbase shield artwork.
“Coinbase has been the most compliant exchange and has brought millions of people into crypto,” Xu said in a tweet. “I support Brian Armstrong for standing up to the SEC and hoping this fight brings more regulatory clarity to the entire space.”
But while sentiment around the shield has been largely positive, some Twitter users have criticized Armstrong for using NFTs to signal.
“If your CEO tweets this after being sued by the SEC, it’s over,” said Twitter user BuccoCapital Guy. “Your Stand with Crypto NFT also hits a little differently when you tweet it from your $113M connection.”