Just in: the "stand with crypto" campaign has minted over 56,300 NFTs. This project was created by the user standwithcrypto.eth and endorsed by Coinbase, and it is a movement for regulatory clarity by the competent entity of digital asset legislation, the Securities and Exchange Commission (SEC).

The campaign aims to promote the defense of cryptocurrencies and raise awareness among the population about the importance of the crypto ecosystem, and to create a positive public opinion for the exchange as well as to force a response to the petition submitted by the exchange to the regulator and thus have a clear law regulating the crypto market in the American market.

All proceeds from the "stand with crypto" minting fees will be used for donations to verified entities, and those who mint are invited to add the shield that represents support for the cause to their Twitter profile.

Focusing on the topic at hand
Brian Armstrong, CEO of Coinbase, warns the securities regulator that a direct confrontation with the brokerage is "not good for America."

The Coinbase boss, the giant cryptocurrency company accompanied by its Chief Legal Officer, Paul Grewal, posted a video on the company's official account giving its opinion on the step the Securities and Exchange Commission took by notifying the company of an investigation into its Earn product, as well as its wallet and exchange service, warning that it is not in America's interest.

And it goes further! The Wells notice clarifies that the regulator has already taken its position regarding Coinbase and determined that the company has violated securities market laws. Paul Grewal argues that the company does not trade securities and all assets that pass through the platform are scrutinized by the company before being listed.

The giant broker is the largest American company trading crypto assets, listed and regulated even on the Nasdaq with a market value of around $13 billion.

In the video, the CEO of Coinbase argues that it does not make sense for the broker to have received a Wells notice - a document that precedes an inspection while there is not yet a set of rules governing the digital asset market, as the action is non-constructive and also of no interest to the United States. Armstrong reiterates that the action only paves the way for a legal battle and the company is prepared for the confrontation at all costs.

The confrontation between the exchange and the American regulator is currently a new battle, and the lawyers representing the broker in the petition have released a 73-page manifesto claiming that "the commission against the cryptocurrency company will fail." It should be remembered that the tug of war between Coinbase and the SEC is occurring because the company claims that the market needs a clear law regulating the crypto market, while the regulatory agency says that the law exists in the form of securities and that companies operating in the market must comply.

Meanwhile, Gary Gensler shares a video on Twitter

Yesterday, Thursday, the President of the Securities and Exchange Commission urges companies dealing with the crypto market to comply with securities law because, in his approach, the law is clear, and it is important that the parties involved are open and honest with the system; otherwise, they will suffer the consequences of operating outside the law!

In summary, the confrontation between the two parties is far from over, and it seems that we are witnessing a fight between titans, but it is necessary to reach a clear consensus because the industry needs to act in accordance with regulations. The American market is very important for the development of the industry, and this little war is not helping much.

Therefore, both entities defend their interests, but for the industry to move forward, it is necessary to reach a resolution in record time and thus open up for more companies to list products knowing that they are in compliance with regulation. And now,

What do you think of the new confrontation between Coinbase and the Securities and Exchange Commission (SEC)?