Coinbase Launches Free NFT Collection "Stand With Crypto," Urging Community to Pay Attention to Crypto Policies
Coinbase has recently been hit with a series of Wells Notices from the SEC, launching enforcement investigations and denying its compliance status for cryptocurrency custody. Unable to bear it any longer, Coinbase has filed a lawsuit against the SEC and released an NFT "Stand With Crypto" on Twitter, urging the crypto community to stand together. However, this approach seems to bear a resemblance to the past Taiwan government's essay contests on issues related to the Chinese Communist Party, Hong Kong, and the Diaoyu Islands.
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Coinbase Sues SEC
According to previous reports, Coinbase filed a petition to the SEC on July 21 last year, requesting the establishment of regulations for cryptocurrencies. However, the SEC has been reluctant to respond, prompting Coinbase to initiate a lawsuit.
Lawsuit Details: Coinbase Enlists Former Labor Secretary to Sue SEC, Demanding Specific Regulatory Rules
Coinbase Launches "Stand With Crypto" NFT Campaign
Coinbase is urging the community to take three actions to support the release of more sensible crypto regulations by regulatory agencies:
Mint the "Stand With Crypto" NFT
Add a shield emoji next to their Twitter username
- Participate in the "Crypto 435" community movement to advocate for crypto-friendly policies within the 435 congressional districts in the US
The NFT minting is free, and all proceeds related to the Stand With Crypto NFT will be donated through Gitcoin.
1/ The community is clearly fired up about sensible crypto policy. Here’s how to continue the support 👇
1️⃣: Mint a Stand With Crypto commemorative NFT
2️⃣: Add a shield emoji next to your Twitter display name 🛡️🔗 https://t.co/yCGNEt8Zcn pic.twitter.com/xd3ZDKrNSB
— Coinbase (@coinbase) April 24, 2023
Coinbase's lawsuit against the SEC comes as Coinbase executives visit the UK and the EU following the approval of the MiCA digital asset regulation framework, with reports of Coinbase working on deploying multiple international strategies and launching an offshore derivatives exchange.
However, from an overall perspective, abandoning the entire US market and starting over would be a last resort for Coinbase. The lawsuit against the SEC by Coinbase also indicates that deploying multiple international strategies may, to some extent, be a strategy of retreat to advance.
Perhaps, instead of minting an ERC-721 token hidden in a crypto wallet, there may be other activities that could resonate more with the crypto community.