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Coinbase&#39;s political advocacy group, Stand With Crypto, has established the Creator Legal Defense Fund to promote <a href="https://optimisus.com/news/nft-news/opensea-ceo-devin-finzer-challenges-the-secs-crackdown-on-nfts/" rel="noopener noreferrer nofollow">non-fungible token (NFT)</a> initiatives.The $6 million fund, funded by venture capital firm a16z and NFT marketplace OpenSea, is in reaction to increased regulatory scrutiny, including a Wells notice issued to OpenSea by the US Securities and Exchange Commission.The fund&#39;s goal is to defend the crypto community and urge creators to resist &#34;misguided actions from the SEC.&#34; Leading law firms such as Fenwick &amp; West LLP, Goodwin Procter LLP, and Latham &amp; Watkins LLP offer crucial legal support to those working in the blockchain and NFT fields.The cryptocurrency community and US lawmakers continue to criticize the SEC&#39;s &#34;regulation by enforcement&#34; strategy. In 2022, the agency filed its first case against an NFT issuer, charging a Los Angeles-based media corporation with marketing unregistered securities using NFTs, which resulted in a $6 million settlement. The regulator has also accused large crypto platforms, such as Coinbase, Binance, and Kraken, of breaking securities regulations.Coinbase has established itself as a key champion for the crypto business, founding the Stand With Crypto project in 2023 and donating millions to Fairshake, a political action committee that supports the crypto industry.Current events are taking place during a significant decline in the NFT business, with 96% of <a href="https://optimisus.com/news/nft-market-sales-decline-to-74-86m/" rel="noopener noreferrer nofollow">NFT projects</a> dead. Unfair regulatory pressure could exacerbate these issues, potentially escalating the trend.

Coinbase launches a $6M fund to support NFT projects against SEC scrutiny

Optimisus

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