Coinbase Establishes Think Tank for Increasing Lobbying Efforts With Regulators
As global regulators are ramping up forces targeting digital asset firms, Coinbase announced the launch of a global crypto-native think tank that aims to accelerate research on the industry and hold constructive discussions with policymakers.
Coinbase Institute
The blog post by the largest US-based crypto exchange stated that the newly established think tank, Coinbase Institute, will focus on four major areas. On top of conducting in-depth research on crypto and Web3 and collaborating with thought leaders and policymakers, it will also promote crypto-oriented knowledge to the public and partner up with academic institutions.
The think thank has collaborated with the University of Michigan and formed the Coinbase Institute Advisory Board. Also, it will publish a monthly insight report on the digital assets market.
The firm asserted that the latest fluctuations in the wider market had not changed its long-term goal of working with regulators and broadening the adoption of crypto assets:
“Despite the recent market noise, comprehensive data and analysis about crypto’s adoption over time will provide the public, policymakers, regulators, and academics with a better understanding of crypto’s diversity and interconnection to the overall economy.”
Coinbase’s Lobbying Efforts
As noted by Reuters, the latest move by Coinbase is to reinforce its lobbying efforts in engaging with regulators, and policymakers, even though it did not specify any policy goals it aimed to advocate by launching such a research-based institute.
Hermine Wong, the former SEC regulator who now works as the director of the institute, said there is no limit regarding how far the newly-launched initiative may evolve into:
“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.”
Reuters added that Coinbase spent $785,000 on lobbying policymakers in the U.S. last year.
As reported by CryptoPotato, Coinbase formed the Crypto Council for Innovation along with Fidelity and Block to “lobby policymakers and serve as the burgeoning industry’s voice in championing the economic benefits of digital currencies and related technologies.”
The coalition was one of many that functioned to ensure the proper implementation of crypto regulations.
Featured Image Courtesy of FT
