Coinbase, a leading cryptocurrency exchange, has urged the US government to establish clear regulations for the cryptocurrency industry to retain highly skilled Web3 developers in the country.
According to a report by Electric Capital, the US share in the development of Web3 has declined from 40% to 29% in the past six years, with nearly 2% of Web3 developers leaving the US each year due to the stringent regulatory environment.
This trend could lead to the loss of up to one million developers over the next seven years, the Coinbase team warned.
Over 32,000 developers have shown their support for Coinbase’s initiative to create rules that promote innovation and growth in the US.
Failure to take action could result in the migration of blockchain developers and crypto companies to more favorable jurisdictions, resulting in the US losing its position as a technology leader in the industry.
Coinbase has called on the government to invest in educational programs to develop blockchain and digital assets and to support politicians who champion the cryptocurrency industry to fight against the arbitrary actions of the SEC.
Coinbase emphasized that the US needs to act quickly to maintain its leading role in shaping the future of Web3 and the international financial system.