Proponents of the crypto marketing campaign are standing up in opposition to the Securities and Trade Fee (SEC) for submitting lawsuits in opposition to main crypto exchanges Binance and Coinbase.
TL;DR
- The SEC has sued Coinbase and Binance for violating federal safety legal guidelines.
- After months of market uncertainty, the worth of cryptocurrencies has dropped considerably.
- The cryptocurrency group is uniting via Coinbase’s commemorative NFT “Stand With Crypto”.
Why did the SEC file lawsuits in opposition to Binance and Coinbase?
It has been a turbulent week (to say the least) for the cryptocurrency market. On June 5, the SEC filed a lawsuit in opposition to Binance and its founder Zhao Changpeng. Two days later, authorities additionally tried to freeze Binance.US digital property. In the meantime, the SEC has additionally filed a lawsuit in opposition to Coinbase.
Consequently, two main cryptocurrency trade platforms have been accused of violating federal safety legal guidelines. The information impacted all the cryptocurrency business, with most cryptocurrencies declining in worth inside hours.
In truth, the cryptocurrency group has been equally affected. For instance, many token merchants worry the worst is but to come back in the case of cryptocurrency regulation, however they don’t seem to be giving up simply but. That is precisely what Coinbase’s “Stand with Crypto” marketing campaign is for.
What’s the “Stand With Crypto” Marketing campaign?
Issues over the collapse of cryptocurrencies have been round for months, and trade platforms comparable to Coinbase have acknowledged it. Again in April, the favored platform responded to cryptocurrency laws with a crypto marketing campaign titled “Stand with Crypto.”
“We are going to unite with the cryptocurrency group in our efforts to advocate for wise cryptocurrency coverage in america.” A Coinbase spokesperson instructed CoinDesk. “The stand with cryptocurrency commemorative NFT is a logo of unity within the cryptocurrency group and represents our collective place to guard and promote the potential of cryptocurrency in america.”
Primarily, this commemorative NFT represents the cryptocurrency group’s want to maintain decentralization intact. The drop was a hit again then, and it is much more vital now.
Up to now, customers have minted over 138,000 NFTs. One of many holders is Coinbase CEO Brian Armstrong himself. Digital collectibles can be found by way of the ZORA NFT platform.
