NFT Collection Unites Crypto Community for Sensible US Regulations: Pros, Cons & Main Conflict

Intricate, futuristic cityscape backdrop, blue shield floating prominently, diverse crowd advocating for crypto, expressions of determination, soft warm lighting, watercolor style, positive atmosphere, focus on unity and balanced regulation, hopeful mood.

The crypto community has come together to create a collection of non-fungible tokens (NFTs) with the aim of encouraging US regulators to adopt sensible cryptocurrency policies. In April, Coinbase launched the ‘Stand with Crypto’ NFT collection, minting 140,830 tokens to date. These NFTs serve as a symbol of unity, with each NFT featuring a blue shield that represents the support and collective stand for promoting and protecting the potential of cryptocurrencies.

Those interested in joining the cause can mint a free ‘Stand with Crypto’ NFT and add a shield emoji next to their Twitter display name. By scanning the QR code on the NFT or signing up on the ConsenSys Quorum website, participants can become advocates for crypto. The QR code is updated periodically, enabling NFT holders to take different actions in support of cryptocurrency advocacy.

The ‘Stand with Crypto’ campaign emphasizes the importance of pro-crypto policies in the US, advocating for the potential of web3 technologies. The grassroots effort aims to change hearts and minds across all 435 US Congressional Districts. By influencing laws and policies, engaging the community, promoting innovation, protecting jobs, and educating everyday Americans on crypto, the campaign hopes to make a significant impact on the regulatory landscape.

At the time of writing, data from OpenSea shows an increasing interest in the ‘Stand with Crypto’ collection. The collection had a total volume of ETH 5, a floor price of ETH 0.0002, and a total of 53,155 owners. Among these owners is Coinbase CEO Brian Armstrong, who has minted an NFT as well. All mint fees associated with the collection will be donated to vetted organizations supporting crypto advocacy through a Crypto Advocacy Round with Gitcoin.

The increasing interest in the ‘Stand with Crypto’ NFT collection coincides with ongoing legal battles between the US Securities and Exchange Commission (SEC) and popular cryptocurrency exchanges like Coinbase and Binance. The SEC has been calling for crypto firms to register in an effort to regulate the industry more closely, removing the “wild west” moniker that has long been associated with cryptocurrencies.

Proponents of the campaign argue that strict regulation could stifle innovation and lead to job losses, while detractors claim that increased oversight is necessary to protect investors and maintain market stability. The ‘Stand with Crypto’ NFT collection aims to bridge the gap between these two standpoints by advocating for crypto-friendly regulations without inhibiting growth and innovation in the nascent industry.

In conclusion, the ‘Stand with Crypto’ NFT collection serves as both a symbol of unity within the cryptocurrency community and a call to action for US regulators to adopt more sensible policies. By engaging the public and advocating for balanced regulation, the campaign seeks to achieve lasting, positive change in the ever-evolving world of cryptocurrency.

Source: Cryptonews

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