Quick take:
- Brian Armstrong wants US authorities to come up with a more “sensible crypto policy”.
- The Coinbase CEO is spearheading a campaign that wants the government to establish clear rules for the industry.
- The crypto exchange company’s chief has launched the “Stand With Crypto” NFT on the Zora marketplace.
Bryan Armstrong has launched an ambitious campaign that seeks to have better crypto regulation in the US. The Coinbase CEO has launched a “Stand With Crypto” NFT on the Zora marketplace to kickstart the campaign.
Armstrong is urging the crypto community to combine their efforts in urging US authorities to establish clear rules for the industry.
Based on the description provided on the Zora marketplace, “The Stand with Crypto commemorative NFT is a symbol of unity for the crypto community seeking sensible crypto policy.”
The NFT features a blue shield, which Armstrong says it represents “a collective stand to protect and promote the potential of crypto.”
“The blue shield not only shows your support for the cause but also that you’re part of a growing community,” the description further reads.
The NFT can be minted for free on the platform, and as of this writing, it had been minted over 17,500 with some users minting it multiple times to show support for Armstrong’s call. The NFT launched for auction on the Zora NFT platform on Monday, based on Armstrong’s tweet.
Coinbase added more details about the campaign launch in a separate tweet explaining how the proceeds from the NFT sale will be used.
According to the crypto exchange company, proceeds from the “Stand With Crypto” NFT will be donated to carefully vetted organisations, including the DeFi Education Fund, the Blockchain Association, CoinCenter, and the Blockchain Foundation.
Armstrong’s efforts are part of a bigger proCrypto policy campaign targeting all 435 Congressional Districts across the U.S.
Dubbed Crypto435, the campaign wants to get crypto-native people and organisations’ voices heard as various authorities in the US draft key crypto policies that “determine how, when, and where YOU can build, buy, sell, and use crypto.”
Coinbase has been seeking clarity from the US capital watchdog authority the Securities Exchange Commission (SEC) since last year.
Writing in a blog post published on the Coinbase website on Monday, the company’s chief legal officer Paul Grewal cited a petition filed by Coinbase seeking clarity on 50 questions related to the regulation of digital assets in the country.
Pointing out the expediency at which the SEC is required to respond to petitions, Grewal wrote: “If the SEC says no to our rulemaking petition, which it has the right to do, then Coinbase would be allowed to challenge that decision in court and explain in that formal setting why rulemaking is required.”
“For the SEC and any other agency petitioned for rulemaking to respond to the petition once the agency has made up its mind, especially if the answer is no,” Grewal added, emphasising the importance of getting a response from the regulatory body.
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