tl;dr
A digital assets advocacy group, backed by Coinbase, is launching a multimillion-dollar legal defense fund for non-fungible token (NFT) projects. Stand With Crypto, in partnership with Andreessen Horowitz and NFT marketplace OpenSea, aims to assist artists against enforcement actions and defend crea...
Stand With Crypto, backed by Coinbase, a16z, and OpenSea, has launched a $6 million legal defense fund for NFT creators. The fund's purpose is to protect against SEC actions and advocate for blockchain technology. It aims to defend creators against public policy failures and bad-faith attacks on blockchain technology by providing representation for those contacted by the SEC.
Stand With Crypto, initiated by Coinbase, focuses on engaging with lawmakers to ensure the future of crypto in the US. In partnership with Andreessen Horowitz and NFT marketplace OpenSea, the fund seeks to assist artists against enforcement actions and defend creators facing potential litigation related to their use of blockchain technology.
The initiative is part of Coinbase's efforts to secure the future of crypto in the US. Stand With Crypto, through a new thread on the social media platform X, announced the launch of the $6 million legal defense fund for NFT creators. This fund is designed to provide legal representation for artists, creators, and builders facing SEC actions or potential litigation related to blockchain technology.
On its official website, Stand With Crypto states that the fund aims to defend creators against public policy failures and bad-faith attacks on those building on blockchain technology. The partnership with Andreessen Horowitz and OpenSea is positioned as a defense for artists and creators seeking to utilize the power of blockchain technology, while also galvanizing the crypto community to advocate for their collective rights.
Coinbase launched the Stand With Crypto advocacy group in August 2023 to help the digital assets industry engage directly with lawmakers and the legislative process to ensure the future of crypto in the US.