June 6, 2023

Coinbase: US Risks Losing 1M Web3 Developers

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Coinbase: US Risks Losing 1M Web3 Developers

The leadership of the cryptocurrency exchange Coinbase called on the US government to clarify the rules for regulating cryptocurrencies in order to retain highly qualified Web3 project creators in the country.

The Coinbase team published a note on the gaps in the regulation of cryptocurrencies in the US, citing
results of a study by Electric Capital.Investment company analysts found that over the past six years, the US share in the development of Web3 has fallen from 40% to 29%. On average, almost 2% of Web3 developers leave the US each year. The reason is the too harsh attitude of local regulators towards cryptocurrencies. Therefore, over the next seven years, the United States risks losing 1 million developers due to uncertainty with the regulation of the cryptocurrency industry.

Meanwhile, many would like to continue working inUS: More than 32,000 developers supported Coinbase's initiative to ask Congress to develop industry regulations that will keep innovation in the US. Legislative inaction could result in blockchain developers and crypto companies being forced to move to friendlier jurisdictions and missing out on the U.S. chance to become a technology leader in the booming blockchain and crypto industry.

The United States used to play a leading role in shapingthe future of Web3 and the development of the international financial system. Now America is losing the market as other countries come in, with clearer regulation of crypto assets, more open to innovation. These are Europe and Asia, these are developing regions: Latin America, India, Africa,” the Coinbase team said in a publication.

Representatives of the largest American tradeThe crypto platform called on the US government to invest in educational programs and initiatives aimed at the development of blockchain and digital assets in order to retain highly qualified specialists in the country.

Recently Coinbase CEO Brian Armstrong(Brian Armstrong) urged users to vote for politicians who support the cryptocurrency industry. He believes that this will help in the fight against the arbitrariness of the US Securities and Exchange Commission (SEC), which has increasingly begun to sue crypto companies.