A new legal defense fund has been established to shield NFT projects from potential legal challenges. Spearheaded by Coinbase, the non-profit organization Stand With Crypto, this fund boasts a substantial $6 million scale. The initiative has garnered support from prominent players in the crypto ecosystem, including the venture capital firm a16z and the renowned NFT marketplace OpenSea.
Renowned law firms, such as Fenwick & West LLP, Goodwin Procter LLP, and Latham & Watkins LLP, have also pledged their backing to this vital endeavor. The fund’s establishment comes in response to the SEC’s recent Wells notice to OpenSea, which has highlighted the growing legal threats faced by artists and creators operating within the blockchain space.
Stand With Crypto emphasizes the fund’s crucial role in safeguarding a fundamental pillar of the cryptocurrency community. By providing legal support, the organization aims to empower creative minds to stand up against the SEC’s perceived misleading actions and navigate the complex legal landscape.
