1 million web developers could be outsourced to other countries

One million tech jobs are at risk of being outsourced to other countries, according to Coinbase COIN.

As the U.S. goes down a path of regulatory uncertainty, the EU, Hong Kong, Singapore, Australia, and Japan are all creating environments for cryptocurrencies to flourish. According to a recent report by Electric Capital, the U.S. is facing a significant risk of losing one million web 3 developer jobs and millions of related non-technical jobs over the next seven years if it continues its current regulation by enforcement approach.

Electric Capital report states that the US s share of global web 3 developers has plummeted from 40% to 29% in the last six years. The U.S. loses almost 2% of its share of web developers every year, despite no indications of this trend slowing down.

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The US must invest in educational programs and initiatives that focus on blockchain and cryptocurrencies development to create a highly skilled workforce and retain top talent in the US, according to Coinbase. We need rulemaking to provide regulatory clarity for the industry and to encourage innovation and growth within the US. Price Action: BTC was trading at $28,444, up 3.89% in the last 24 hours, according to Benzinga Pro data.