At the time of writing, over 143,000 “Stand with Crypto” NFTs were minted on OpenSea.
Coinbase’s “Stand with Crypto” non-fungible token (NFT) campaign has begun to garner notable community backing as the crypto exchange navigates its lawsuit with the US Securities and Exchange Commission (SEC).
The company is accused of selling unregistered securities and operating without the required legal status of a broker, a national securities exchange, or a clearing agency.
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As a symbol of solidarity, supporters have taken to minting the NFTs and displaying the shield badge on their Twitter accounts.
Initiated in April, the collection, as per OpenSea, had a relatively small count of 15,000 mints and 7,000 owners.
However, as the legal skirmish with the SEC gains momentum, the collection has grown exponentially to over 143,000 mints with more than 54,000 owners. This surge signifies the increasing support for Coinbase in its ongoing legal tussle.
In April, a Coinbase spokesperson voiced the platform’s unity with the crypto community in a statement, noting:
We stand united with the crypto community in our efforts to advocate for sensible crypto policy in the US. The Stand with Crypto commemorative NFT is a symbol of unity for the crypto community – representing our collective stand to protect and promote the potential of crypto in the United States.
The community’s backing is not confined to NFT minting. Many are demonstrating their support for Coinbase’s initiative on Twitter by posting shield badges and using a #StandwithCrypto. At the time of writing, there are over 123,000 tweets with the previously mentioned hashtag.
Some crypto community members have gone a step further by sharing artworks that incorporate the Coinbase shields, enhancing the visual support for the movement.
Amidst legal complexities, Coinbase’s “Stand with Crypto” campaign has amassed a significant level of community backing. This supportive rally underscores the burgeoning collective resolve to advance and safeguard the potential of cryptocurrency in the United States.