Representatives of crypto companies have been criticizing U.S. regulators for the absence of legal clarity for years. Chris Larsen, Ripple executive, even lamented San Francisco’s lost title of “the blockchain capital of the world” caused by regulatory bans and stringent policies of the government. He also expressed his opinion that SEC Chairman Gensler “enjoy” having lack of regulation. In a recent post on X [formerly Twitter], Coinbase emphasised a discrepancy concept of the U.S. stuck in one place, contrary to the impact and advancements made by 83% of G20 countries and top financial hubs.
Coinbase assessed that 68% of all blockchain jobs are now located in Europe displaying a connection between political support, leadership, and the opportunity to avail. Causing a potential lose of confidence around the world, Coinbase claims the US could given this previous negligence forfeit its dominion regarding the financial union for good. During 2022 to 2023, the US has already missing out on more blockchain jobs than any other country and on top of that, in recent years a huge percentage of US developers dropped from 40% to 29%. According to the executive, the US risks losing up to 1 million unit developer’s roles.
Not accepting feeble laws, the practice endeavors in “updating” global financial systems and their control came on path with the Coinbase’s latest roll-out of “Go Broad, Go Deep” upgrades. Employing partnerships models with global banks, payment providers in a move to increase its global reach and simultaneously adhering to governance legislation succumbing US needs and requirements.
The Deep and Broad technology is being directed at targeting priority markets even at the cost of retribution from Americans regulatory agencies. Coinbase addressed this move towards global e-economy quoting “America is losing out whenever it stands by waiting for policy makers to take legislative action”.