A digital asset advocacy group backed by Coinbase is launching a multimillion-dollar legal defense fund for non-fungible token (NFT) projects.
In a new thread on social media platform
“Today we are raising our shield to protect a fundamental part of the crypto community. Alongside OpenSea and A16z Crypto, we’re launching a $6 million legal defense fund for NFT creators. Creatives can now resist misguided actions from the SEC.”
On its official website, Stand With Crypto says the fund aims to legally defend creators against “public policy failures and bad faith attacks on those seeking to build on blockchain technology.”
“This partnership is about championing artists and creators seeking to harness the power of blockchain technology while galvanizing the crypto community to advocate for our collective rights…
Artists, makers and builders who have been contacted by the SEC or who are concerned about potential lawsuits due to their use of blockchain technology can file for representation.”
Coinbase launched the advocacy group Stand With Crypto in August 2023 to help the digital asset industry focus on working directly with lawmakers and the legislative process to secure the future of crypto in the US.
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