In the wake of the recent crackdown by the Securities and Exchange Commission (SEC), the Stand With Crypto NFT collection has begun trending on Twitter. Effectively, acting as a beacon of solidarity for the denizens of the decentralized realm.
Following a turbulent week in crypto that saw the tentacles of the SEC launch lawsuits against Coinbase and Binance, while also labelling a slew of alt-coins as ‘securities,’ the blockchain community has responded with a call to action. Essentially, seeing proponents show their support by backing Coinbase’s ‘Stand With Crypto’ campaign that seeks regulatory clarity within the industry, and displaying a shield on their social media profiles.
As a result of this vote of confidence, the collection has seen a surge in activity in recent days, with the number of NFTs in circulation now topping 140k. Essentially, witnessing thousands of new mints as the crypto world throws its support behind Coinbase and Binance.
The numbers don’t lie. pic.twitter.com/lec4wkp6RO
— Coinbase 🛡️ (@coinbase) June 6, 2023
The U.S. Continues to Lag Behind in Crypto Regulation
Launched in April of this year following the collapse of several high-profile crypto banking institutions, Coinbase introduced the free to mint ‘Stand With Crypto’ campaign in a bid to highlight the need for regulation on the USA side of operations. Effectively, spearheading the initiative in a bid to vent frustration at the lack of blockchain-based policy within the country, something that has caused confusion in the industry, none more apparent now that the SEC has filed lawsuits against Coinbase and Binance for ‘violating federal securities laws.’
“We stand united with the crypto community in our efforts to advocate for sensible crypto policy in the U.S.” – Coinbase
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