Dragonfly Report: The United States Missed Over $5 Billion in Airdrop Revenue Due to Regulatory Issues

According to the "2025 Airdrop Status Report" released by Dragonfly Research, airdrops, as an important growth engine in the cryptocurrency industry, have cumulatively distributed tokens worth over $26.6 billion. However, due to regulatory uncertainty, American users and businesses have been excluded, resulting in significant losses. Data shows that approximately 5.2 million encrypted users in the United States are unable to participate in airdrops due to geographical restrictions, resulting in revenue losses of $1.84 billion to $2.64 billion for just 12 major projects. Expanding to more projects, this number can reach as high as $3.49 billion to $5.02 billion. In addition, the US government also lost $418 million to $1.1 billion in federal tax revenue and $107 million to $284 million in state tax revenue due to airdrop restrictions. For example, Tether made a profit of $6.2 billion in 2024, but due to its offshore operations, the United States missed out on $1.6 billion in corporate taxes. The report points out that if the United States fails to provide regulatory clarity as soon as possible, innovation will continue to shift overseas, and American users and businesses may continue to lag behind in the global market.