Coinbase crypto exchange has created a think tank that will be dedicated to the research around crypto policies. The new committee will be publishing its reports on overall Web3. Coinbase’s director of policy, Hermine Wong has been roped in to oversee and act as the chief of the organisation. Wong has years of experience working with the US government. She previously served in the Division of Economic and Risk Analysis at the United States Securities and Exchange Commission (SEC).
The name of Coinbase’s research wing is the ‘Coinbase Institute Advisory Board’. Academicians involved with the law and finance departments of top universities like Harvard, MIT, Duke, and John Hopkins universities of the US will be part of this committee.
Coinbase has also struck an academic partnership with the University of Michigan for an annual survey that measures crypto adoptions and the overall public sentiment around virtual assets. The findings will be based on the crypto adoption in the US.
Now that several nations are looking to bind the crypto sector in legal frameworks, several groups are being formed around the world, which aim to sculpt globally acceptable rules to govern the cryptocurrency sector.
Ashley Alder, chair of the International Organisation of Securities Commissions (IOSCO) said the boom in digital currencies such as Bitcoin was one of the three main areas authorities are now focused on, alongside COVID-19 and climate change.
The Organisation for Economic Co-operation and Development (OECD) has also drafted rules instructing global tax institutions on how to share crypto-related data among each other.
The Financial Stability Board, which groups regulators, central banks, and finance ministry officials from the G20 economies, is looking at what needs to be done with cryptocurrency assets such as Bitcoin and stablecoins.
Meanwhile, Coinbase is taking an expansive approach towards the Web3 sector.
The crypto exchange is rolling out the feature that allows users to access Ethereum-based dApps from within the Coinbase app.
Last week during its earnings call, Coinbase revealed that it saw a 44 percent fall in its overall trading volume in the first quarter of 2022.
It does not come as a surprise that the platform is bringing newer services to cater to more users as per their requirements. As one of the world’s top crypto exchanges, Coinbase recently became the first company in the world to get a Bitcoin-backed loan from Goldman Sachs.