TL;DR:
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Coinbase CEO, Brian Armstrong, has backed the ‘Stand with Crypto’ campaign after suing SEC for clarity and created an NFT shield for the campaign.
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Coinbase has sued the SEC, asking a federal judge to force the regulator to share its answer on Coinbase’s July 2022 petition on whether existing securities rule-making processes could be extended to the crypto industry.
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Coinbase’s move reflects its increasingly fraught relationship with the powerful regulator, and it has been embroiled in conflict with the SEC since receiving a Wells notice in March.
Coinbase CEO Takes Stand Against SEC In Favor Of Crypto Clarity
Coinbase CEO Brian Armstrong has been a vocal advocate for cryptocurrency and blockchain technology, and he has taken a strong stand against the SEC in favor of crypto clarity. Coinbase has sued the SEC, asking a federal judge to force the regulator to share its answer on Coinbase’s July 2022 petition on whether existing securities rule-making processes could be extended to the crypto industry. This comes after the regulatory agency declined to create a separate crypto regulation, while reopening custody and exchange rules to explicitly say that they apply to digital assets.
Coinbase’s move reflects its increasingly fraught relationship with the powerful regulator, and it has been embroiled in conflict with the SEC since receiving a Wells notice in March. The SEC has engaged in several enforcement actions against crypto firms and has pursued a spate of enforcement actions against individuals and entities in the crypto industry.
Brian Armstrong mints NFT shield of ‘Stand with Crypto’ campaign
In addition to its lawsuit, Coinbase created the ‘Stand with Crypto’ campaign to support sensible crypto policy. The NFT project aims to signal “unity for the crypto community seeking sensible crypto policy” and features a blue shield that represents a collective stand to protect and promote the potential of crypto. By minting the NFT, Armstrong shows his support for the cause, and he tweeted the image with the message “I just minted Stand with Crypto,” along with a link to a free NFT of the shield hosted on the Zora marketplace.
I just minted Stand with Crypto https://t.co/4T0OWbpCCf
— Brian Armstrong 🛡️ (@brian_armstrong) April 25, 2023
The NFT’s blue shield symbolizes unity for the crypto community, and by showing support for the project, individuals can demonstrate their belief in the future of crypto and their dedication to promoting sensible crypto policy. Despite the uncertainty surrounding the Stand with Crypto campaign, it has gained significant attention in the crypto community.
Today, we filed a narrow action in the U.S. Circuit Court to compel the SEC to respond “yes or no” to a rulemaking petition we filed with them last July asking them to provide regulatory guidance for the crypto industry. 1/4 https://t.co/rlsS1DIFfl
— paulgrewal.eth (@iampaulgrewal) April 25, 2023
Coinbase’s lawsuit against the SEC is a significant move for the crypto industry, and it shows that the industry is willing to fight back against regulatory agencies that it believes are stifling its growth. It remains to be seen what the outcome of the lawsuit will be, but it is clear that Coinbase and other crypto companies are dedicated to defending the industry and promoting sensible regulation.
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