The draconian regulations of cryptography which prevented American citizens from benefiting from air parachts – a way to reward user communities by distributing free tokens – cost the Americans up to $ 2.6 billion in potential revenues and the government up to $ 1.4 billion in tax revenue over the past four years, according to the capital line in the past.
In a report published on Tuesday, the company focused on digital assets presented a range of figures, based on a sample of 11 main air parachts which generated more than $ 7.16 billion since 2020. The list includes tastes of 1inch, Eigenlayer, Arbitrum, Athena, Optimism and Layerzero. The average median complaint by eligible address involved in these Airdrops proved to be $ 4,562.
“We realized that there was a real need for data that can actually show the effect of application regulations and how these policies have an impact on individuals, the global economy and the US government,” said Dragonfly’s associate lawyer, Jessica Furr, in an interview. “So we decided to focus on Airdrops as a case of discreet use of crypto to see how current policies can have created negative externalities.”
The report estimates that between 1.84 billion dollars and $ 2.64 billion in potential income was lost for American users from 2020 to 2024 due to geoblocting, a technique of closing American IP addresses so that crypto projects can avoid anger of regulations such as Securities and Exchange Commission (SEC).
The figures can be even higher. Using a larger sample of 21 geoblocked paratroopers analyzed by Coingecko, Dragonfly noted that the total potential revenues lost for American residents could have been between $ 3.49 billion and $ 5.02 billion from 2020 to 2024.
Years of regulatory uncertainty in the United States have had a scary effect on cryptographic innovation, scary off-shore startups, while large companies have been served with assignments and engage in prosecution with regulators.
In addition to blockchain manufacturers, venture capital companies such as Union Square Ventures and Andreessen Horowitz have also been targeted by the dry for having invested in platforms like Uniswap, which the Libellule report quotes as the last large air table not to be geoblocked in the United States
Dragonfly is not the only VC company to highlight the Geobublocking US Geoblocking fund: New York City has also produced a report on how cryptographic companies are not found, but the frank tool to simply exclude all Americans for fear of being targeted by regulators.
“If the rules are not clear on what projects can do, it is better to simply geobloquer to avoid getting in trouble,” said Furr. “Being pulled in an expensive litigation where you must defend yourself can close the projects because they cannot pay this bill.”
Almost a quarter of all the addresses of Crypto Active worldwide are controlled by American residents, and the number of users in America Geobloocked since 2020 amounts to some 5.2 million, the report indicates. The figure excludes those which return to the use of virtual private networks (VPN) to beat geofencing measures.
Dragonfly has also reached an estimated tax reception for the loss of geoblooked air income between 2020 and 2024, which he weighs between $ 525 million and $ 1.38 billion in personal and companies.
Update (March 11, 4:00 p.m. UTC): Add larger sample data in Coingeko in the fifth paragraph.
