A report from Dragonfly indicates that US users were geoblocked from approximately $2.6 billion in potential airdrop revenue due to regulatory constraints. As of 2024, US residents held about 22-24% of all active crypto addresses globally. The report analyzed 11 projects yielding around $7.16 billion, involving approximately 1.9 million claimers with an average claim value of $4.6 thousand per eligible address. The federal tax revenue loss from these blocked airdrops is estimated between $418 million and $1.1 billion, alongside state tax losses of $107 to $284 million. The lack of regulatory clarity surrounding airdrops has led to many projects excluding US users. Dragonfly advocates for establishing a safe harbor for non-fundraising airdrops with specific regulations to protect both issuers and users, which could also retroactively apply to previous airdrops. Regulatory clarity is deemed essential for the future of crypto.

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