Coinbase Launches $6M Legal Fund to Protect NFT Creators from Regulatory Pressure
Coinbases dvoccy group, Stnd With Crypto, is mking strong ffort to shild th NFT community from rgultory prssur. To do so, th group hs introducd $6 million lgl dfns fund imd t supporting NFT projcts tht r ncountring lgl issus, spcilly in th U.S.
Nmd th Crtor Lgl Dfns Fund, th inititiv is bckd by lding vntur cpitl firm 16z nd NFT mrktplc OpnS. It sks to offr crucil lgl support to crtors dling with th intrict lndscp of NFT rgultions. Additionlly, it hs gind th bcking of mjor lw firms, including Fnwick & Wst LLP, Goodwin Proctr LLP, nd Lthm & Wtkins LLP.
Th lunch of this fund coms t crucil tim for th NFT sctor, which is fcing growing prssur from rgultors. Rcntly, th Scuritis nd Exchng Commission (SEC) issud Wlls notic to OpnS, climing tht th NFT pltform sold unrgistrd scuritis. This mov signls tht rgultory scrutiny ovr th industry is incrsing.
Stnd With Crypto cknowldgd th SECs ctions ginst OpnS nd othr crtors, noting tht thos working in th blockchin spc will continu to fc mjor lgl chllngs. Th orgniztion mphsizd th nd for lgl dfns s vitl tool for thos iming to build in this innovtiv fild.
Th crtion of this fund is viwd s dirct rspons to th hightnd rgultory nvironmnt. By offring lgl bcking to NFT inititivs, Stnd With Crypto sks to quip crtors with th ncssry support to continu thir work within th crypto spc.
Tody, w ris our shild to protct foundtionl prt of th crypto community, sid Stnd With Crypto. Crtivs cn now stnd up to misguidd ctions from th SEC.
Coinbases Role in Policy Advocacy
Th SEC hs trgtd mjor pltforms lik OpnS, Coinbase, Binnc, nd Krkn, ccusing thm of violting scuritis lws. According to n August sttmnt, th SEC mphsizd tht crypto invstors dsrv th sm protctions s trditionl scuritis invstors, rgrdlss of whthr thir ssts r trdd through intrmdiris.
Coinbase, strong supportr of th crypto sctor, hs bn ctivly bcking fforts to sfgurd th rights of crypto invstors. In 2023, it introducd th Stnd With Crypto inititiv nd contributd millions to Firshk, politicl ction committ for th crypto industry, showing its ddiction to promoting fvorbl policis.
This inititiv hs plyd ky rol in th politicl rn by vluting cndidts in U.S. fdrl lctions bsd on thir stnc on crypto-frindly policis. It hs givn Donld Trump, Rpublicn prsidntil cndidt, n A rting, whil Kml Hrris, Dmocrtic cndidt, is still witing hr rting.
Mnwhil, th shifting rgultory lndscp offrs nw chllngs for crypto, spcilly in th NFT spc. Th Crtor Lgl Dfns Fund ims to provid much-ndd lgl support to NFT crtors fcing lgl bttls, nsuring thir rights r uphld nd fostring continud growth in th industry.
Related Readings | Coinbase CFO Reveals Kamala Harriss Super PAC Utilizes Crypto Donations Platform
Read more: https://www.tronweekly.com/coinbase-launches-6m-legal-fund-to-protect-nft/
Text source: TronWeekly
