The US can lose up to 1 million Web3 developer jobs over the next 7 years due to regulatory uncertainty, Coinbase says, citing a report by Electric Capital. Over the past few years the US's share of Web3 development has dropped from 40% to 29%, the exchange noted.
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In a blog post, Coinbase has called on the US government to engage with other countries and international organizations to develop "global standards and best practices for blockchain and cryptocurrency technologies." The exchange said:
"This will help ensure that the US maintains its influence in shaping the future of these industries, driving innovation, job creation, and economic growth, while ensuring national security and promoting American values in the development of new financial and technological systems."
The San Francisco-headquartered exchange also added the US must invest in educational programs and to retain top talent within the country. Collaboration between the government and private sector can "further solidify the US's position as a global leader in crypto," Coinbase pointed out.
Meanwhile, Coinbase is about to face an enforcement action as the US Securities and Exchange Commission (SEC) said that the platform's products violate securities laws. Coinbase noted it had spent "millions of dollars on legal support" and repeatedly asked for the SEC's feedback. However, the watchdog never replied, Coinbase highlighted.
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