NFT
As crypto exchange Coinbase takes a step toward a sensible regulatory environment for the crypto space, the exchange launched a nonfungible token (NFT) collection to gain community support. However, not everyone is thrilled about the move, and some aren’t even sure it will have any impact.
On April 25, Coinbase launched an NFT campaign called “Stand With Crypto” after filing a legal suit that aims to force the US Securities and Exchange Commission (SEC) to respond to its regulatory petition. According to Coinbase, the NFTs represent the community’s position to protect and promote crypto’s potential and become the symbol for the search for “sensible crypto policy”.
I just hit Stand with Crypto https://t.co/4T0OWbpCCf
— Brian Armstrong (@brian_armstrong) Apr 25, 2023
Despite the case looking like a noble act working in the interest of the crypto community, the reactions to the NFT drop have not all been positive. While others praised the move and slammed their NFTs, others were a little critical.
I don’t change my profile often, but I’ve added a️ to show support for Coinbase and their crypto policy advocacy. Please bet from home, but trust @coinbase as an ecosystem-aligned exchange and policy advocate. #standwithcrypto #stakefromhome https://t.co/opsP3owN9G
— superphiz.eth ️ (@superphiz) Apr 25, 2023
According to crypto influencer Wendy O, the Digital Currency Traders Alliance “did the same thing”, referring to the push for more crypto-friendly regulation, before Coinbase. The Bitcoin YouTuber urged the exchange to work together rather than be fragmented and also fight for retail rather than push them out.
Meanwhile, a community member expressed uncertainty about the impact of the NFTs, but admitted that it makes them feel like they’ve done something. They tweeted:
I don’t know if this will have any impact, but it’s practically a free NFT and it relaxes me a bit because at least it *feels* like I did something https://t.co/LezNgFN1pH
— KaijuKing779 (@kaijuking779) Apr 25, 2023
Crypto Coin Show host Ashton Addison also criticized the campaign for instructing community members to add a shield emoji next to their Twitter display name when they did not have one of their own.
Related: Coinbase CEO calls for action in electing pro-crypto legislators after SEC Wells notice
At the time of writing, Coinbase’s Stand With Crypto NFTs has gained significant support, with over 15,000 mints with more than 7,000 owners according to NFT marketplace OpenSea.
The crypto exchange has been in constant flux to push pro-crypto policies in the US. On February 28, Coinbase launched a grassroots campaign to drive policy making that supports the advancement of crypto and Web3. The exchange provided voters with a link to register and view information about local politicians’ crypto policies.
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