As crypto exchange Coinbase makes a push toward a sensible regulatory environment for the crypto space, the exchange launched a nonfungible token (NFT) collection to gain the community’s support. However, not everyone is excited about the move, with some not even sure if it will have any impact at all.
On April 25, Coinbase launched an NFT campaign dubbed “Stand With Crypto” after filing a court action that aims to compel the United States Securities and Exchange Commission (SEC) to answer its rulemaking petition. According to Coinbase, the NFTs represent the community’s stand to protect and promote crypto’s potential and become the symbol for seeking “sensible crypto policy.”
I just minted Stand with Crypto https://t.co/4T0OWbpCCf
— Brian Armstrong (@brian_armstrong) April 25, 2023
Despite the cause looking like a noble act working in the interest of the crypto community, the reactions to the NFT drop were not all positive. While others praised the move and minted their NFTs, others were a bit critical.
I don’t change my profile often, but I added a️ to show support for Coinbase and their crypto policy advocacy. Please, stake from home, but trust @coinbase as an ecosystem-aligned exchange and policy advocate. #standwithcrypto #stakefromhome https://t.co/opsP3owN9G
— superphiz.eth ️ (@superphiz) April 25, 2023
According to crypto influencer Wendy O, the Digital Currency Traders Alliance “did the same thing,” referring to the push for more crypto-friendly regulation, before Coinbase. The Bitcoin YouTuber urged the exchange to band together instead of being fragmented and include fighting for retail instead of pushing them out.
Meanwhile, a community member expressed their uncertainty about the NFTs having an impact but admitted that it makes them feel like they did something. They tweeted:
I don’t know if this will have any impact but it’s practically a free NFT and it does relax me a bit since at least it *feels* like I did something https://t.co/LezNgFN1pH
— KaijuKing779 (@kaijuking779) April 25, 2023
Crypto Coin Show host Ashton Addison also criticized the campaign for instructing community members to add a shield emoji next to their Twitter display name while not having one on their own.
Related: Coinbase CEO calls for action in electing pro-crypto lawmakers following SEC Wells notice
At the time of writing, Coinbase’s Stand With Crypto NFTs have gotten considerable support, with over 15,000 mints with more than 7,000 owners according to NFT marketplace OpenSea.
The crypto exchange has constantly been on the move to push pro-crypto policy in the US. On Feb. 28, Coinbase launched a grassroots campaign to push policy creation that supports the advancement of crypto and Web3. The exchange provided a link for voters to register and view information on the crypto policies of local politicians.
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