Coinbase Warns Unclear Crypto Regulations Pose Threat To 1M US Tech Jobs

Cryptocurrency exchange Coinbase COIN says that one million tech jobs are at risk of being outsourced to other countries.

What Happened: Coinbase said as “the U.S. goes down a path of regulatory uncertainty,” the EU, U.K., UAE, Hong Kong, Singapore, Australia, and Japan are all creating “environments for crypto to flourish.”

Coinbase said that a recent report from venture capital firm Electric Capital shows that the U.S. was facing a significant 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 with its current regulation by enforcement approach.

1 million tech jobs are at risk of going overseas. As the U.S. goes down a path of regulatory uncertainty, the EU, UK, UAE, Hong Kong, Singapore, Australia, and Japan are all creating environments for crypto to flourish so that they can capitalize on the next wave of innovation. pic.twitter.com/2UMkFxajcM

— Coinbase (@coinbase) March 29, 2023

Electric Capital report states that in the last six years, the U.S.'s share of global web3 developers has plummeted from 40% to 29%. With no indications of this trend slowing down, the U.S. is losing an average of almost 2% of its share of web3 developers every year. 

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Coinbase added, “The US must 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. We also need rulemaking to provide regulatory clarity for the crypto industry and encourage more innovation and growth within the US.”

Coinbase is a popular cryptocurrency exchange that allows trading services in cryptocurrencies such as Bitcoin BTC/USD and Ethereum ETH/USD.

Price Action: At the time of writing, BTC was trading at $28,444, up 3.89% in the last 24 hours, according to Benzinga Pro data.

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