Coinbase Urges Congress To Act As US Risks Losing 1 Million Crypto Jobs
- Coinbase urges Congress to pass pro-crypto policies to maintain US leadership in blockchain and crypto ecosystems.
- A recent Electric Capital report shows that the US risks losing one million web3 developer jobs in the next seven years if it continues with regulation by enforcement.
- Despite the regulatory challenges, there is still a passionate developer community in the US that wants to build in the country.
Coinbase has urged Congress to pass pro-crypto policies to help the US maintain its leadership position in the global blockchain and cryptocurrency ecosystems.
A recent report from venture capital firm Electric Capital has shown that the US is at risk of losing out on one million web3 developer jobs and millions of related non-technical jobs over the next seven years if it continues on its current path of regulation by enforcement. The report shows that the US’s global share of web3 developers has dropped from 40% to 29% over the last six years, with no sign of slowing down.
The US is now losing market share to regions with more regulatory clarity and openness to crypto innovation like Europe and Asia and emerging markets like LATAM, India, and Africa. Despite the challenging regulatory environment in the US, the report shows that a passionate developer community still wants to keep building in the US.
Coinbase believes that web3, crypto, and blockchain technologies represent a huge opportunity for the US and the world. However, the US must adapt its strategies and policies to foster innovation, attract and retain talent, and ensure that its interests are protected in the development of new financial and technological standards.
Coinbase suggests that the US invest in educational programs and initiatives that focus on blockchain and cryptocurrency development to create a highly skilled workforce and retain top talent within the US. Rulemaking is also needed to provide regulatory clarity for the crypto industry and encourage more innovation and growth within the US. Collaboration between the government, private sector, and academic institutions can further solidify the US’s position as a global leader in crypto, blockchain, and web3.
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