On September 14, Stand With Crypto, a non-profit organization led by Coinbase, launched a legal defense fund for NFT projects. The fund, called the Creator Legal Defense Fund, has a scale of $6 million and is supported by venture capital firm a16z and NFT market OpenSea.
The fund is also backed by law firms including Fenwick & West LLP, Goodwin Procter LLP and Latham & Watkins LLP, according to the Stand With Crypto website.
“With the SEC’s Wells notice to OpenSea and other attacks on artists and creators, it’s clear that those looking to build on blockchain technology will continue to face significant legal threats and challenges,” the site states.
“Today, we raise our shield to protect a fundamental part of the cryptocurrency community,” Stand With Crypto said. “Creative minds can now stand up to the SEC’s misleading actions.”
