Coinbase has emerged as a vocal advocate for the crypto industry in the face of ongoing regulatory crackdowns in the United States.
Stand With Crypto, a political advocacy group led by Coinbase, launched a legal defense fund for non-fungible token (NFT) projects, according to a Sept. 13 post on the X platform.
Dubbed the Creator Legal Defense Fund, the $6 million fund is backed by venture capital firm a16z and NFT marketplace OpenSea. According to Stand With Crypto's website, it is also backed by law firms, including Fenwick & West LLP, Goodwin Procter LLP, and Latham & Watkins LLP.
“With the SEC issuing OpenSea a Wells notice, as well as other attacks on artists and creators, it has become clear that those looking to build on blockchain technology will continue to face significant legal threats and challenges,” according to the website.
