Despite the challenges, the interest in blockchain technology remains robust. The report found that 70% of Fortune 500 executives are keen to learn about stablecoin use cases.
Renowned crypto exchange platform Coinbase has recently reported that corporate giants are planning to transition to on-chain platforms but the nation lacks the skilled talent to support this shift.
According to its “State of Crypto” report, the number of developers with roots in America has declined 14% in the past five years. Notably, the region accounts for only 26% of the world’s crypto developers, a concerning trend for crypto enthusiasts.
Paul Grewal, the Chief Legal Officer at Coinbase, pointed out the potential repercussions of this decline in a post on social media platform X. He said that while corporate adoption of crypto and on-chain activities is on the rise, the US might lose its position as the global leader in technological innovation. Moreover, Grewal urged the Biden administration to take proactive measures to reverse this trend.
“Global leadership in technological innovation is ours to lose, but the US government has to want – and choose – to do better,” he stated.
Coinbase State of Crypto Report
The report reveals that during the first quarter of 2024, Fortune 100 companies announced a record number of initiatives related to crypto, blockchain, and Web3 technologies. Despite this surge, the major hurdle identified was the lack of trusted talent with the right skills to implement these initiatives.
Approximately 50% of executives from Fortune 100 companies cited the absence of skilled talent as the primary barrier to adopting chain technology. This talent shortage is compounded by the declining share of US-based crypto developers. Currently, only one in four crypto developers are from the US, highlighting a significant drop over the past five years.
Despite the challenges, the interest in blockchain technology remains robust. The report found that 70% of Fortune 500 executives are keen to learn about stablecoin use cases, attracted by the benefits of instant processing times and lower fees. Similarly, small businesses are increasingly drawn to digital assets for their potential to provide faster and more cost-effective payment solutions.
Coinbase believes that the clear comprehensive crypto regulations in the country are essential for the motivating developers in the nation. It states:
“Clear rules for crypto are key to keeping developers in the US – and to the US continuing to lead the world in cutting-edge technological innovation.”
The report resonates with some lawmakers who are advocating for a strategic shift in the US approach to crypto development. Crypto-friendly Wyoming Senator Cynthia Lummis voiced her support for the report’s conclusions, criticizing the government’s stance on digital assets, adding that “the Biden admin and Gary Gensler’s unrelenting persecution of Bitcoin and digital assets is pushing the industry overseas and causing America to fall behind.
“We are the global leader in financial innovation. Let’s act like it and provide the industry a home,” she stated.
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