A digital assets advocacy group backed by Coinbase is launching a multimillion-dollar legal defense fund for non-fungible token (NFT) projects.
In a new thread on the social media platform X, Stand With Crypto says it’s starting an NFT defense fund with investment firm Andreessen Horowitz (a16z) and NFT marketplace OpenSea to assist artists against “misguided” enforcement actions.
“Today, we raise our shield to protect a foundational part of the crypto community. Alongside OpenSea and A16z Crypto, we are launching a $6 million legal defense fund for NFT creators. Creatives can now stand up to misguided actions from the SEC.”
On its official website, Stand With Crypto says that the fund aims to legally defend creators against “public policy failures and bad-faith attacks on those looking to build on blockchain technology.”
“This partnership is about defending artists and creators who seek to harness the power of blockchain technology while galvanizing the crypto community to advocate for our collective rights…
Artists, creators, and builders who have been contacted by the SEC or who are concerned about potential litigation due to their use of blockchain technology can apply for representation.”
Coinbase launched the Stand With Crypto advocacy group in August 2023 to help the digital assets industry focus on directly engaging with lawmakers and the legislative process to ensure the future of crypto in the US.
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