Crypto campaign supporters are rising against the Securities and Exchange Commission (SEC) for filing a lawsuit against Binance and Coinbase, the leading crypto exchanges.
TL;DR
- The SEC sued Coinbase and Binance for allegedly violating federal security laws.
- Cryptocurrency values have dropped drastically after months of uncertainty in the market.
- The crypto community stands united via Coinbase’s commemorative NFTs ‘Stand With Crypto.’
Why Did the SEC File a Lawsuit Against Binance and Coinbase?
This week has been intense (to say the least) for the crypto market. On June 5th, the SEC sued Binance and its founder, Changpeng Zhao; two days later, the officials also tried to freeze Binance.US digital assets. Meanwhile, the SEC also filed a lawsuit against Coinbase.
As a result, the two leading crypto exchange platforms are accused of violating federal security laws. The news affected the crypto industry as a whole, with most cryptocurrencies’ value dropping in a matter of hours.
In fact, the crypto community is equally affected. For example, many token traders fear the worst is yet to come regarding crypto regulations – but they’re not ready to give up yet. This is exactly what Coinbase’s ‘Stand with Crypto’ campaign is all about.
What Is the ‘Stand With Crypto’ Campaign All About?
The fear of a crypto collapse has been around for several months – and exchange platforms such as Coinbase saw it too. Back in April, the popular platform responded to crypto regulations with a crypto campaign titled Stand with Crypto.
“We stand united with the crypto community in our efforts to advocate for sensible crypto policy in the U.S.,” a spokesperson for Coinbase declared for CoinDesk. “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.”
Basically, this commemorative NFT stands for the crypto community’s desire to keep decentralization intact. While the drop was successful back then, too, it’s now even more relevant.
By now, users have minted over 138K NFTs. One of the holders is Coinbase‘s CEO himself, Brian Armstrong. The digital collectibles are available via the ZORA NFT platform.
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