Coinbase Says Unclear Crypto Regulations Threaten 1M US Tech Jobs

cryptocurrency exchange coinbase coin says one million tech jobs are at risk of being outsourced to other countries.

What happened: Coinbase said that while the “US is headed down a path of regulatory uncertainty,” the European Union, the UK, the UAE, Hong Kong, Singapore, Australia and Japan are all creating an “environment for crypto to flourish.”

Coinbase said a recent report from the venture capital firm Electric Capital showed that the US was facing a significant risk of losing 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.

Electric Capital reports that over the past six years, the US’s share of global Web 3 developers has dropped from 40% to 29%. With this trend showing no signs of slowing down, the US is losing an average of about 2% of Web3 developers every year.

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Coinbase said, “America must invest in educational programs and initiatives that focus on the development of blockchain and cryptocurrencies to create a highly skilled workforce and retain top talent within the US. We need regulatory clarity for the crypto industry.” There is also a need for regulation to provide and encourage more innovation and development 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: while writing, B T c was trading at $28,444, up 3.89% in the last 24 hours. According to Benzinga Pro data.

Read more: Bitcoin, Ethereum, Dogecoin Spike Despite Crypto Exchange Shutdown After SEC Lawsuit: Analyst Says Apex Crypto Has ‘Lots of Room to Grow’

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