Coinbase CEO-Backed 'Stand With Crypto' NFT Campaign Forges Ahead With Over 71K Mints

The "Stand with Crypto" commemorative NFT campaign has been gaining steam, recording more than 71,000 mints, just days after it was launched in the industry.

Described as "a symbol of unity for the crypto community seeking sensible crypto policy," the campaign intends to push the U.S. Securities and Exchange Commission (SEC) to provide the emerging sector with "sensible cryptocurrency policy."

"The blue shield not only shows your support for the cause but also that you're part of a growing community who believes in the future of crypto. This is a purely commemorative NFT with an open mint and has no intended utility or value," the NFT initiative's page on Zora read.

Based on the latest data from NFT marketplace Zora Labs, the "Stand With Crypto" NFT campaign, which was launched Tuesday, has 75, 925 mints as of 5:41 a.m. ET on Friday.

Mint or minting is an NFT-speak for the process of uniquely publishing a token on the blockchain to make it available for purchase.

Aside from attracting more NFT enthusiasts, the hashtag Stand With Crypto is currently trending on the social media platform Twitter, with the crypto community encouraging others to join the industry's latest crusade.

All the proceeds associated with the "Stand With Crypto" NFT collection would be donated to vetted organizations through a Crypto Advocacy Round with Gitcoin, according to the website.

On Monday, Coinbase CEO Brian Armstrong endorsed the campaign that aimed to unite the community in an effort to compel the government and financial regulators to establish clear regulations for the industry in the country.

Armstrong's endorsement came on the heels of the announcement that Coinbase, one of the largest centralized cryptocurrency exchange platforms in the world, filed a court action, forcing the SEC to respond to its inquiry concerning industry regulations.

Over the weekend, the crypto executive, who co-founded Coinbase, visited the SEC and the House of Representatives.

Coinbase had received a Wells Notice from the SEC in late March, informing the exchange that it will pursue enforcement action against the crypto platform.

On Thursday, Coinbase published its fiery response to the SEC's Wells Notice, and underlined that the SEC's analysis "appears to rest on superficial and incorrect analogies to products and services offered by others."