Cryptocurrencies became an integral part of the modern world. However, authorities in many countries don’t understand the importance of cryptocurrencies.
Crypto-related companies have the potential to make cryptocurrencies more popular all over the world. Authorities should work with companies; otherwise, it would be harder to solve all issues.
Cryptocurrency giant Coinbase made an important decision. It created a “crypto native think tank” in an attempt to help shape the global conversation around policies for digital assets.
The newly established Coinbase Institute will also publish research on crypto as well as Web3.
The crypto giant tapped its Director of Policy Hermine Wong to head the institute. Hermine Wong previously served in the Division of Economic and Risk Analysis at the United States and Exchange Commission (SEC).
Coinbase institute’s Advisory Board is pretty impressive. It will feature academics across law and finance from top universities such as MIT, Harvard, John Hopkins, and Duke coupled with an academic partnership with the University of Michigan.
In the past, the University of Michigan conducted surveys for the U.S. Census Bureau as well as the Department of Defense. It will partner with Coinbase on the annual U.S.-based survey measuring the adoption of cryptocurrencies and sentiment towards digital assets.
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Coinbase and its plans
The Coinbase Institute published the first in a series of “Coinbase Primers”- reports explaining key issues in crypto. The institute released a “Crypto and the Climate” report on May 19 to warrant high energy usage of proof-of-work blockchains like Bitcoin.
Its institute also released its first monthly insight report in crypto markets which compared market movements in crypto and traditional finance. Each report prepared by the institute will focus on a particular theme.
Coinbase wants to make cryptocurrencies more popular. The formation of its institute marks another instance of the crypto giant aiming to influence the conversation around cryptocurrencies.
Last year, Coinbase launched a “fact-checking portal”. The purpose of the portal is to “combat misinformation and mischaracterizations about Coinbase or crypto being shared in the world” according to the CEO of Coinbase, Brian Armstrong.
The crypto giant also created a political action committee in February 2022 ahead of the November 8 midterm elections in the U.S.
It broke away from the Blockchain Association in August 2020. Coinbase left the industry’s largest lobbying group, believed to be in protest of the admittance of Binance U.S.
Coinbase then formed the Crypto Council for Innovation in April 2021 along with Square (now Black) and crypto investment firm Paradigm aiming to engage governments, regulatory agencies, and policymakers regarding the crypto regulation.
According to the Crypto Council for Innovation, effective communication with regulatory stakeholders will help to separate “fact from fiction”. As a matter of fact, anti-crypto rhetorics espoused by regulators around the world often echo misrepresentations about the crypto industry. Last year, U.S. Treasury Secretary Janet Yellen declared that cryptocurrencies were being increasingly used for criminal activities.