The crypto industry has been rocked by the news of the Securities and Exchange Commission (SEC) filing lawsuits against crypto exchange Binance and Coinbase over alleged violations of federal securities laws. The value of tokens named in the filings has plummeted, and some have even speculated that this could mark the downfall of crypto. However, those native to the crypto space are familiar with cycles of volatility and regulatory pushback and have urged one another to be outspoken in their support of a decentralized financial future.
In April, Coinbase rolled out its open-edition mint of the Stand with Crypto non-fungible token (NFT) to symbolize the crypto community’s desire for regulatory clarity and commitment to the space despite legal challenges. After minting the NFT, Twitter users have been called to display a shield emoji in their username in solidarity with the movement. “We stand united with the crypto community in our efforts to advocate for sensible crypto policy in the U.S.,” a spokesperson for Coinbase said. Platform mint fees from the NFT will be donated to vetted organizations via Crypto Advocacy Round through Gitcoin to support crypto advocacy efforts.
Prominent figures across the NFT and crypto space have minted the NFT, including Coinbase CEO Brian Armstrong who tweeted the link again on Tuesday night following the lawsuit. Other figures in the space also tweeted shield emojis to underscore their support, such as Alex Xu, the founder of popular NFT collection Azuki who posted an edit of his profile picture (PFP) with Coinbase shield artwork. “Coinbase has been the most compliant exchange and has onboarded millions of people into crypto,” Xu said in a tweet. “I support Brian Armstrong for standing up to the SEC and hope this fight brings more regulatory clarity for the entire space.”