A group of crypto heavyweights is stepping up to protect NFT creators. Coinbase, along with venture capital firm Andreessen Horowitz (a16z) and NFT marketplace OpenSea, have joined forces to launch a $6 million legal defense fund.
Fighting Back Against “Misguided” Enforcement
The fund, spearheaded by the Coinbase-backed advocacy group Stand With Crypto, aims to help NFT artists fight back against what they call “misguided” actions from the Securities and Exchange Commission (SEC).
“This is about defending artists who want to use blockchain technology,” says Stand With Crypto. “We’re also rallying the crypto community to fight for our rights.”
Who Can Apply?
NFT creators who have been contacted by the SEC or who are worried about potential legal action due to their use of blockchain technology can apply for legal representation from the fund.
A Growing Movement
This new defense fund is part of a broader effort by the crypto industry to push back against what they see as overly aggressive regulation. Coinbase launched Stand With Crypto in August 2023 to directly engage with lawmakers and shape the future of crypto in the US.
