To support the US in maintaining its position as the industry leader in the global blockchain and cryptocurrency ecosystems, Coinbase has encouraged Congress to enact pro-crypto regulations.
According to a recent assessment from venture capital company Electric Capital, if the US follows its current course of regulation by enforcement, it risks missing out on 1 million jobs as web3 developers and millions of other associated non-technical occupations over the course of the next seven years. According to the survey, during the past six years, the percentage of web3 engineers working outside of the US has decreased from 40% to 29%, with no signs of slowing down.
The US is now losing market share to rising countries like Latin America, India, and Africa as well as nations like Europe and Asia that have more transparent regulatory frameworks and are more receptive to crypto innovation. The survey demonstrates that a dedicated developer community still wants to keep constructing in the US despite the difficult regulatory climate there.
Web3, cryptocurrency, and blockchain technologies, in the opinion of Coinbase, provide enormous opportunities for the US and the rest of the globe. To encourage innovation, draw and keep talent, and make sure that its interests are safeguarded in the creation of new financial and technical norms, the US must, nevertheless, change its tactics and policies.
To cultivate a highly competent workforce and keep top talent in the US, Coinbase recommends that the US engage in educational programs and projects that concentrate on blockchain and cryptocurrency development. Moreover, rulemaking is required to promote greater innovation and growth within the US as well as to provide the crypto business regulatory certainty. Cooperation between the public and business sectors as well as academic institutions may strengthen the US's position as a world leader in blockchain, web3, and cryptocurrency.
