Coinbase Turns to NFTs in Crypto Advocacy Efforts After Suing SEC

The NFT will support crypto advocacy efforts in the U.S.

Brian Armstrong wearing a black T-shirt in front of blue shield and bunch of clutched hands.
Created by Kornelija Poderskytė from DailyCoin
  • Coinbase has launched an NFT collection to promote crypto advocacy.
  • The crypto exchange sued the SEC moments before launching the NFT collection.
  • The NFT collection adds to Coinbase’s growing list of crypto advocacy efforts.

Crypto firms have increased lobbying and advocacy efforts in the United States as the regulatory climate grows increasingly hostile. Coinbase, one of the leading crypto exchanges in the U.S., led this charge in 2022 and looks set to continue in that stride.  

On Monday, April 24, the crypto exchange revealed that it had filed legal action against the U.S. Securities and Exchange Commission in its fight for clear crypto regulations. On the same day, the crypto exchange unveiled a non-fungible token (NFT) collection to boost its crypto advocacy agenda further. 

Coinbase Introduces “Stand with Crypto” Commemorative NFT

In a Twitter thread on Monday, April 24, Coinbase introduced a commemorative NFT collection dubbed “Stand with Crypto” on the Zora NFT marketplace.

"The Stand with Crypto commemorative NFT is a symbol of unity for the crypto community seeking sensible crypto policy," the exchange said on the project website

The free-to-mint NFT collection features a blue shield which Coinbase said represents a decision “to promote and protect the potential of crypto.” Collectors are encouraged to add a shield emoji to their Twitter display names and sign up for Coinbase’s Crypto435 advocacy program.

While the exchange was upfront that the NFTs would have no value or utility, Coinbase emphasized that it will use fees from the mint to support well-known crypto advocacy groups like Blockchain Association, DeFi Education Fund, and Coin Center.

At the time of writing, 7,733 collectors have minted 16,625 Stand with Crypto NFTs, per data from the website.

Coinbase unveiled the collection moments after suing the U.S. Securities and Exchange Commission for failing to respond to a July 2022 petition requesting clear rules for the crypto markets.

In 2022, the crypto exchange ranked as the top spender on crypto lobbying efforts in the U.S. with $3.39 million. The Stand with Crypto NFT collection represents the latest in a rapidly growing list of Coinbase’s advocacy and lobbying efforts.

In February 2023, the exchange launched Crypto435, which aims to turn everyday U.S. crypto users into advocates by connecting them with lawmakers. Coinbase Chief Executive Officer Brian Armstrong called on the community to elect pro-crypto politicians in March.

On the Flipside

  • Coinbase has been strengthening its international presence, recently announcing plans to launch a derivatives crypto exchange incorporated in Bermuda.
  • Armstrong has said the crypto exchange is open to moving its headquarters to the United Kingdom. 

Why You Should Care

Raising funds through commemorative NFTs is a unique way to involve the crypto community in the fight for clear crypto regulations in the U.S.

To learn more about Coinbase’s lobbying efforts, read this:

Crypto Lobbying Rose 922% in the Last 6 Years – Coinbase Leads

To learn about the impacts of Coinbase’s case against the SEC, see this:

Will Coinbase’s Lawsuit Against the SEC Affect Its Ongoing Enforcement?

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Okoya David

David Okoya is a crypto news reporter at DailyCoin based in Nigeria. He covers various topics related to the cryptocurrency industry, including exchanges, regulations, and price movements, and strives to bring fresh angles to breaking news. With experience as a freelance crypto news writer, David upholds the highest journalistic standards, telling complete stories and answering lingering questions whenever possible.