- Chervinksky wants American policymakers to take action and develop thoughtful regulations for the crypto sector.
- The crypto lawyer has predicted that jobs and innovation will move out of the US due to the loosening grip on Web3.
Crypto lawyer Jake Chervinsky believes that the United States is losing its lead in Web3. Chervinsky took to Twitter earlier today to share a report compiled by popular venture capital firm Andreessen Horowitz (a16z), which took a closer look at the trends and patterns on the Web3 front.
a16z is a leading name in the field of crypto investing and venture capital. The firm boasts popular names like Ava Labs, Maker, OpenSea, and Yuga Labs in its crypto-focused portfolio. The 2023 State of Crypto Report, which was recently published by a16z, found that the US was losing its status as the leading destination for Web3.
According to the report, the proportion of crypto developers based in the US vs. the rest of the world fell by 26% between 2018 to 2022. The lack of regulatory clarity has been identified as a major factor in the hindrance of web3’s growth in the country. The firm recommended appropriate policies and regulatory guardrails in order to help web3 meet its economic potential for the US economy.
“There are some positive signs, however – including a growing, bipartisan push for legislation that could provide much-needed clarity. We hope that this momentum will continue and that policymakers will fight for the future and the potential of these technologies,” the report read.
Jake Chervinsky, who serves as the Chief Policy Officer for the Blockchain Association, believes that American policymakers need to take action and come up with thoughtful regulation, or else risk losing innovations and jobs to countries that are actively developing a regulatory framework for web3 and the broader crypto industry.