Solana Co-Founder Criticizes U.S. Policies for Driving Blockchain Jobs Overseas Amid Weakening Labor Market

Solana co-founder Anatoly Yakovenko has publicly criticized the Biden administration’s employment policies, claiming that ineffective governance has pushed tech and blockchain jobs overseas.

During a recent interview, Yakovenko expressed frustration that jobs within the Solana ecosystem, which could have been based in the US, are instead being created internationally due to policy barriers.

His remarks come as the US labour market shows signs of cooling, with the latest JOLTS report revealing that job openings fell to 7.7 million in September—down from 8.18 million in August.

That naive view of voluntary market interactions works until offshoring and automation start ravaging entire industries andopractically every manufacturing job becomes obsolete while the embargo on trade and brain drain forces the US down into almost irreversible decline

— E Summ3rs (@esumm3rstech) October 3, 2024

The Solana Foundation’s Head of Strategy, Austin Federa, highlighted the 237 job openings currently available in Solana’s community, emphasizing the growing opportunities within the network.

Despite these opportunities, Yakovenko believes that the US government’s inaction has hindered local employment growth, particularly in states like California, known for tech innovation.

Solana Co-Founder Supports Congressman Torres’s Critique of SEC Regulation

Anatoly Yakovenko echoed comments from Congressman Ritchie Torres, who criticized SEC Chair Gary Gensler’s approach to crypto regulation.

Torres argued that Gensler’s belief that tokenizing assets, like a Pokémon card, automatically makes them securities contradicts the Supreme Court’s Howey case.

This isn't about "regulation", this is a deep seated vengeance wrought by Gary Gensler.

They had their "win" with Judge Torres' last ruling. But, this obviously wasn't good enough. So, here we are wasting more taxpayer money and time; instead of moving forward and bringing the… https://t.co/2YXn24paek

— Chris (cool name, right?) (@thehalfsend) October 2, 2024

In his tweet, Torres emphasized that the economic reality of a transaction, not the form, should determine its classification. Yakovenko backed this view, adding that current regulations do not align with the needs of the blockchain industry.

Yakovenko’s frustration reflects broader concerns about how US crypto regulation is developing. He has often called for clear policies that could position the US as a leader in blockchain innovation.

Labor Market Outlook Remains Uncertain Amid Upcoming Jobs Report

Yakovenko’s comments coincide with an uncertain US labour market outlook. While the September report shows a slight slowdown, the October data, set for release on November 1, could reveal further disruptions.

Factors such as ongoing strikes at US ports and the aftermath of Hurricane Helene might cloud the labour market picture, making it difficult to predict the economic impact.

🚨 Tomorrow is a big day!

Markets will be watching the report closely to see if the Fed can gradually ease policy and lower interest rates.

Nonfarm payrolls are expected to show growth of 150,000, up from 142,000 last month, with the unemployment rate holding steady at 4.2%,… pic.twitter.com/nWdIudOFpt

— Bad Trader (@BadTraderApp) October 3, 2024

Yakovenko’s criticisms highlight the broader challenges faced by the US government in balancing economic stability with the evolving tech landscape.

As blockchain and tech sectors continue to expand, he believes that US policy must adapt to harness their full potential.

Key Takeaways:

• Anatoly Yakovenko criticizes the US government for hindering local job growth.
• Congressman Ritchie Torres and Yakovenko denounce SEC’s approach to crypto regulation.
• The US labour market outlook remains uncertain ahead of key economic data releases.