Coinbase Global Inc. described on Wednesday the United States' approach to regulating operations with cryptocurrencies as "disappointing" for the development of the market in that country.
Coinbase said in its written statement that the US is "now losing market share to regions with more regulatory clarity and openness to crypto innovation like Europe and Asia, as well as emerging markets like LATAM [Latin American], India, and Africa." Coinbase insisted that the hesitance to introduce regulations will lead to a million developers losing their jobs in the next seven years. It also noted the US share of global web3 development went down from 40% to 29% in the past six years.
"We continue to urge Congress to pass pro-crypto policies that would keep innovation in the US, and to take action to ensure that the US maintains its leadership position in the global blockchain and cryptocurrency ecosystems," it concluded.
