After the SEC’s crackdown on Binance and Coinbase this week, multiple figures in the crypto space have started minting Stand with Crypto NFTs to show their support to the exchanges during this challenging time. When it comes to the overall regulatory action, the move is surprising to many, and it adds more to the overall frustration surrounding the lack of policy and clarity within the US crypto sphere.
Despite the lawsuits being limited to Coinbase and Binance, their effects were felt throughout the industry, leading to a decline in the value of a number of cryptocurrencies. The masses currently believe that recent actions, coupled with the possibility of major crackdowns in the future might result in the eventual downfall of crypto. However, the people familiar with the cycles of volatility have urged others to speak in support of a decentralized financial future.
A Way to Show Support
Since Monday, numerous people have minted Coinbase’s Stand with Crypto NFT on Zora, a minting platform, to mark their commitment to cryptocurrencies. With this, they are also demanding regulatory clarity at the same time. Currently, a total of 140,240 people have minted the Stand with Crypto NFT.
Right after minting the NFT, Twitter users were urged to add a shield emoji in their usernames in an effort to mark their solidarity toward the movement. The Stand with Crypto NFT is currently free to mint, but Zora highlighted that the entirety of the platform mint fees would be donated to vetted organizations via Crypto Advocacy Round through Gitcoin. However, Zora released the collection in April, and the CEO of Coinbase, Brian Armstrong, tweeted not too long after that he minted an NFT for himself.
A Coinbase spokesperson stated,
“We stand united with the crypto community in our efforts to advocate for sensible crypto policy in the U.S. 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.”
Minting the Stand with Crypto NFT has Become Mandatory
The previous 48 hours have been crucial for the cryptocurrency industry. On Monday, the SEC slapped a legal notice on Binance and its CEO, Changpeng Zhao for allegedly violating the securities law. A day after, the regulator took similar steps to tackle Coinbase and accused it of similar allegations. The SEC even tried to freeze all assets related to Binance.US.
With the severity of the current situation in the cryptocurrency space, a number of people took to Twitter to show their support. Many argue that Coinbase has been the most compliant exchange, and has helped people to get started with cryptocurrencies. At the same time, many sent out best wishes to Coinbase for standing up to the SEC. However, the overall sentiment revolving around the shield has been positive, but some Twitter users have critiqued Armstrong for using the NFT to virtue signal.