The leading cryptocurrency exchange, Coinbase, has announced that it will be launching a global think tank to form the policy debate around cryptocurrencies as regulators and Congress explores how crypto-assets should be governed.
Hermine Wong, director of policy at Coinbase and the director of the institute, shared that the Coinbase Institute will help in accelerating research on cryptocurrency and Web3, a decentralized version of the Internet — and head discussions with academics and policymakers on the intersection of technology and finance.
Though the group did not mention any specific goals that it wants to advocate, its goals include collaborating with academic institutions, conducting research, and creating an in-house team to spread awareness to the public about the crypto ecosystem.
She said that every area of research involves the crypto economy and how it is connected with the global economy, and how it is interdisciplinary. Therefore nothing is going to be off-limits, she adds.
The regulators and lawmakers are being influenced to shape how they supervise the sector. Over the last few weeks, cryptocurrencies have gone through a heavy meltdown among the concerns of rising interest rates.
Regulators are moving towards creating new rules. The chair of the International Organization of Securities Commissions last week stated that the global market regulators are probably going to launch a joint body for better coordinating crypto regulations within the next year.
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U.S. Treasury Secretary Janet Yellen, among some other officials, is pushed to draft a new regulatory framework for digital assets due to the collapse of ‘stablecoin’ TerraUSD.
Coinbase has taken various measures to shape cryptocurrency regulation. The company released a digital asset policy proposal. The proposal suggested that Congress create a new regulator for looking after the expanding industry.
As per an analysis from Crypto Head, around $785,000 were used by Coinbase to pursue efforts in the U.S.in 2021.
Source: https://www.thecoinrepublic.com/2022/05/20/coinbase-creates-a-global-think-tank-to-shape-policy-debate-around-cryptocurrencies/