The head of Solana named the reasons for the developers leaving the USA
Date: 2023-09-19 Author: Karina Ziganova Categories: BLOCKCHAIN, IN WORLD
“I meet up-and-coming entrepreneurs every day who want to create America's next great tech innovation, but don't know how to build a compliant crypto company. “Faced with the choice of staying in the United States or pursuing their dreams, more and more project creators want to leave,” he said.
In 2018, 42% of Web3 developers were based in the United States, but by 2022 that figure had dropped to 29%. Yakovenko stated this, citing data from an Elliptic analyst.
The head of Solana recalled his childhood in Ukraine, where “access to assets and information was controlled with an iron fist.” After moving to the United States, he realized the “limitless possibilities of the country”, where it was possible to realize the idea of “an interoperable global network that no person or organization could turn off.”
But Yakovenko added that young crypto projects are afraid to enter the market. Because the local regulatory landscape is challenging even for multi-billion dollar companies.
He also acknowledged the frequent incidence of scams in the industry, but stressed that the economy should not punish the entire industry for the actions of its “worst elements.”
If only Google and Reddit were not created in the USA. How different would the Internet look today? For the United States to attract and retain the best talent in the new digital world, we need a strong regulatory framework that protects consumers and encourages entrepreneurship,” added the Solana co-founder.
To summarize, Anatoly Yakovenko called on the US Congress to quickly create a legislative framework for the cryptocurrency market.
In September, Ripple CEO Brad Garlinghouse called the US one of the “worst places” to launch Web3 startups. He singled out Singapore, the UK, the UAE and Switzerland as alternatives with smart regulatory policies.
