Coinbase: US Risks Losing 1M Web3 Developers

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Cryptocurrency exchange managementCoinbase 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 cryptocurrency regulation in the US, citing
Electric research resultsCapital. Investment company analysts found that over the past six years, the US share in Web3 development has fallen from 40% to 29%. On average, nearly 2% of Web3 developers leave the United States each year. The reason is the too strict attitude of local regulators towards cryptocurrencies. Therefore, over the next seven years, the United States risks losing 1 million developers due to uncertainty regarding the regulation of the cryptocurrency industry.

Meanwhile, many would like to continue workingin the US: More than 32,000 developers supported Coinbase's initiative to ask Congress to create industry regulations that keep innovation in the US. Inaction by legislators could result in blockchain developers and cryptocurrency companies being forced to move to friendlier jurisdictions, and the United States missing out on the chance to become a technology leader in the rapidly growing blockchain and cryptocurrency industry.

“The United States used to play a leading role inshaping the future of Web3 and the development of the international financial system. Now America is losing the market as other countries enter with clearer regulation of crypto assets and are 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 developing 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.