Exchange of cryptocurrencies coin base COIN says a million tech jobs are at risk of being outsourced to other countries.

What happened: Coinbase said that as “the US embarks on a path of regulatory uncertainty,” the EU, UK, UAE, Hong Kong, Singapore, Australia, and Japan are all creating “environments for crypto to thrive.”

Coinbase said that a recent report from a venture capital firm electrical capital shows that the US faced 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 approach of regulation through enforcement.

Electric Capital’s report states that the US share of global Web3 developers has fallen from 40% to 29% over the past six years. With no signs of this trend slowing down, the US is losing an average of nearly 2% of its Web3 developer share each year.

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Coinbase added, “The US needs to invest in educational programs and initiatives focused on blockchain and cryptocurrency development to create a highly skilled workforce and retain top talent in the US. We also need rules to provide regulatory clarity for the crypto industry and encourage more innovation and growth in the US.”

Coinbase is a popular cryptocurrency exchange that offers trading in cryptocurrencies such as Bitcoin BTC/USD And ether ETH/USD.

Price promotion: At the time of writing, Bitcoin traded at $28,444, up 3.89% in the last 24 hours, according to Benzinga Pro.

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