Coinbase, the world’s largest cryptocurrency exchange, is forming a worldwide think tank to help shape the policy debate around digital assets, as authorities and Congress consider how to regulate them.
According to Hermine Wong, director of policy at Coinbase and the institute’s director, the Coinbase Institute will accelerate research on cryptocurrency and Web3, a decentralized version of the internet, and spearhead discussions with policymakers and academics on the intersection of technology and finance.
The group did not specify any specific policy goals it wishes to promote, but it did state that its objectives include doing research, forming relationships with academic institutions, and forming an in-house team to enhance public awareness of the crypto ecosystem.
“We’re interested in every area of research that involves the crypto economy and how it is interdisciplinary, how it is connected to our global economy, and so there’s nothing that’s going to be off-limits,” she said.
The cryptocurrency industry has been pressing regulators and lawmakers to change how the market is regulated. Fears of rising interest rates have caused cryptocurrency prices to plummet in recent weeks.
Regulators are nearing the completion of new rules. The chair of the International Organization of Securities Commissions indicated last week that global market regulators are likely to establish a single body within the next year to better coordinate crypto laws.
The collapse of the so-called ‘stablecoin’ TerraUSD, has prompted some officials, including US Treasury Secretary Janet Yellen, to advocate for a new regulatory framework for cryptocurrencies.
Coinbase has made a concerted effort to influence cryptocurrency policy. The business proposed that Congress form a new regulator to regulate the booming industry in a digital asset policy proposal issued in October.
According to research carried out by Crypto Head, Coinbase spent $785,000 on lobbying efforts in the United States in 2021.