Coinbase's Stand With Crypto creates a legal defense fund for NFT, with support from a16z and others

BlockBeats news, on September 14, the non-profit organization Stand With Crypto, led by Coinbase, launched a legal defense fund for NFT projects. The fund, called the "Creator Legal Defense Fund," is $6 million in size and is supported by venture capital firm a16z and NFT market OpenSea.

According to information on the Stand With Crypto website, the fund is also supported by law firms such as Fenwick & West LLP, Goodwin Procter LLP, and Latham & Watkins LLP.

The website states: "With the SEC's Wells notice to OpenSea and other attacks on artists and creators, it is clear that those who want to build on blockchain technology will continue to face significant legal threats and challenges."

Stand With Crypto said: "Today, we raise our shield to protect the foundational part of the cryptocurrency community. Creative people can now resist the SEC's misleading behavior."