Coinbase partnered with Gitcoin and Zora to launch the 'Stand With Crypto' campaign, deploying a custom NFT shield to symbolize unity in seeking sensible crypto policy.
Cryptocurrency stands at a crossroads in the United States. On one hand, the SEC’s regulation-by-enforcement actions against Coinbase, Binance, Polygon and others threaten the presence of innovation. On the other hand, Congress has drafted legislation that could bring crypto within a clear and workable legal framework.
Adding his voice to this issue, Azeem Khan, Head of Impact at Gitcoin, emphasized the importance of a well-informed policy framework: "The United States has been the center for excellence around the globe because it's allowed for the flywheel of innovation to occur here. The best and brightest come from around the globe to create, capture, and distribute value. What's happening in web3 is where the next generation of this will occur and without successful policymaker education efforts we risk losing the American Dream."
In the midst of regulatory uncertainty, Coinbase, Zora, and Gitcoin have partnered to launch the ‘Stand With Crypto’ campaign to grow a grassroots community to bring greater attention and funding to the discussions going on in DC. This powerful movement has grabbed the attention of many prominent players in the web3 ecosystem in a remarkable display of solidarity and commitment to a decentralized future.
The focal point of this campaign is a collectible NFT of a blue shield which represents the collective need to protect and promote the potential of crypto. This symbol emerged from a genuine desire to foster unity and resilience in the crypto community. As Darin Carter, Coinbase's Web3 Advocacy Manager for US Policy, aptly stated, "The 'Stand with Crypto' campaign showcased the immense capacity of the crypto community to coordinate and drive positive change. The campaign is testament to the power of collaboration and a clear signal that it's time for policymakers to acknowledge that the crypto industry needs regulatory clarity, not regulation by enforcement."
‘Stand With Crypto’ quickly captured the attention of NounsDAO, a prominent and dynamic organization that has been a longtime Gitcoin Grants Matching Partner. Wilson Cusack of Nouns DAO drafted a proposal to mint 5,000 shields and donate $100k to the Gitcoin Matching Pool. Within the proposal, Mr. Cusack wrote “It is a crucial time for crypto, from a regulatory perspective. The work being done by the organizations in this Gitcoin round is important and we all benefit from it."
The Nouns AI tool “Roko” summarized the discussion among DAO members by saying "(Nouns DAO) believes in the importance of supporting regulatory advocacy as a public good. (We) think that such initiatives not only benefit the entire crypto ecosystem but also align with NounsDAO's mission."
The response to the 'Stand With Crypto' campaign has been nothing short of extraordinary. Each time a shield is minted, the proceeds grow the size of the matching pool available to our Advocacy grantees. We’ve seen our community respond as events unfold to display their solidarity and support.
When Coinbase responded to the SEC’s Wells notice, the community rallied to mint over 32k shields. On this day, the campaign accounted for an astonishing 27% of all NFTs being minted on the Ethereum blockchain.
As of the time this post was written, over 150,000 shields have been minted by more than 55,000 unique wallets. This remarkable achievement makes the 'Stand With Crypto' mint the fourth-largest mint across over 5,500 unique NFT collections on Zora.
Superphiz, a Gitcoin Grantee and EthStaker steward, conveyed the following comment:
All funds from the mint and NounsDAO’s donation are going towards impact-driven organizations that are at the forefront of driving change and shaping the narrative surrounding the future of crypto.
The funds will be split among these organizations according to the Quadratic Funding results from our latest Gitcoin Advocacy round.
All five of these grantees were quadratically funded on Gitcoin Grants Stack. Powered by Allo Protocol, the product suite enables a streamlined management process for grants program managers.
With Gitcoin Grants Stack, anyone can:
The 'Stand With Crypto' campaign has ignited a powerful community movement and the funding of exceptional organizations that will continue the crucial fight for regulatory clarity and change in Washington. The Blockchain Foundation, Fight for the Future, Coin Center, the DeFi Education Fund and the Blockchain Association are well-positioned to drive positive change through education, court battles and engaging with lawmakers to shape legislation. Through Gitcoin Grants Stack, the community mobilized around them to give and allocate support.
But the movement is just starting. As the future of American Crypto increasingly picks one of two paths between regulation and enforcement, you have the opportunity to influence this journey. By reaching out to your local representatives and minting a shield you not only symbolize your commitment to unity, and provide crucial resources to the organizations fighting for your rights, but add your voice to an important discussion.
By advocating for regulatory clarity, you play an active role in shaping the future of the crypto industry. Join the movement, stand with crypto and make your voice heard. The time for change is now.