Coinbase launched the new "crypto native think tank" that would feature an advisory board of finance and law academics from top United States universities.
The newly-formed Coinbase Institute aims to publish original research to shape policies around crypto.
Crypto Native Think Tank Created To Help Shape Global Conversation on Policies for Digital Assets
In an attempt to help shape the global conversation around policies for digital assets, the cryptocurrency exchange Coinbase has created a "crypto native think tank."
Director of Policy Hermine Wong, who previously served in the Division of Economic and Risk Analysis at the United States Securities and Exchange Commission (SEC), and who also worked in the Department of State, was tapped to head the institute.
Academics across law and finance from top universities such as Harvard, MIT, Duke, and John Hopkins constitute the Coinbase Institute Advisory Board. It is coupled with an academic partnership with the University of Michigan.
According to Coin Telegraph, the University of Michigan has conducted surveys for the U.S. Census Bureau and the Department of Defense. They will partner with Coinbase on an annual U.S.-based survey that will measure the adoption of cryptocurrencies and sentiment towards digital assets.
Coinbase already published the first in a series of "Coinbase Primers." These are reports explaining key issues in crypto. To warrant the high energy usage of proof-of-work blockchains like Bitcoin (BTC), the institute released a "Crypto and the Climate" report on May 19.
The institute also released the first monthly insight report in crypto markets, which compared market movements in crypto and traditional finance. Each report will focus on a particular theme.
The creation of the institute signifies another case of Coinbase trying to influence the conversation around cryptocurrencies.
In May 2021, Coinbase launched a "fact checking portal" with CEO Brian Armstrong. According to the institute, the blog would be used "to combat misinformation and mischaracterizations about Coinbase or crypto being shared in the world."
What Other Actions Did Coinbase Take?
In February 2022, Coinbase also created a political action committee ahead of the November 8 midterm elections in the US. Coinbase spent over $1.3 million lobbying in 2021, the biggest spending by a blockchain company that year.
In August 2020, Coinbase parted from the crypto industry's largest lobbying group, the Blockchain Association. This is believed to be in protest of the admittance of Binance.US.
In April 2021, along with Jack Dorsey's Square (now Block) and crypto investment firm Paradigm, the company formed the Crypto Council for Innovation which is after engaging governments, regulatory agencies, and policymakers on crypto regulation.
The institute hasn't selected a particular policy to advocate for. But, as per Coin Telegraph's report, its next move will be to publish more original research which "will provide the public, policymakers, regulators, and academics with a better understanding of crypto's diversity and interconnection to the overall economy."
Coinbase is an American company that operates a cryptocurrency exchange platform, founded in 2012 by Brian Armstrong and Fred Ehrsam. It is a distributed company where all employees operate via remote work and the company lacks a physical headquarters. It is the largest cryptocurrency exchange in the United States by trading volume.
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