A digital property advocacy group backed by Coinbase is launching a multimillion-dollar authorized protection fund for non-fungible token (NFT) initiatives.
In a brand new thread on the social media platform X, Stand With Crypto says it’s beginning an NFT protection fund with funding agency Andreessen Horowitz (a16z) and NFT market OpenSea to help artists in opposition to “misguided” enforcement actions.
“Immediately, we elevate our defend to guard a foundational a part of the crypto group. Alongside OpenSea and A16z Crypto, we’re launching a $6 million authorized protection fund for NFT creators. Creatives can now stand as much as misguided actions from the SEC.”
On its official website, Stand With Crypto says that the fund goals to legally defend creators in opposition to “public coverage failures and bad-faith assaults on these trying to construct on blockchain expertise.”
“This partnership is about defending artists and creators who search to harness the ability of blockchain expertise whereas galvanizing the crypto group to advocate for our collective rights…
Artists, creators, and builders who’ve been contacted by the SEC or who’re involved about potential litigation resulting from their use of blockchain expertise can apply for illustration.”
Coinbase launched the Stand With Crypto advocacy group in August 2023 to assist the digital property business concentrate on instantly partaking with lawmakers and the legislative course of to make sure the way forward for crypto within the US.
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