Stand With Crypto Launches $6 Million Legal Defense Fund for NFT Projects

A non-profit organization led by Coinbase, Stand With Crypto, has launched a legal defense fund for NFT projects. The fund, named the "Creator Legal Defense Fund," is backed by venture capital firm a16z and NFT marketplace OpenSea, and totals $6 million.

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

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

Stand With Crypto stated: "Today, we raise our shields to protect the foundational part of the crypto community. Creators can now push back against the SEC's misguided actions."