As per an analysis by Developer Report, the U.S. ceded a considerable chunk of the blockchain development. Developer share in the U.S. fell from 40% in 2017 to 29% in 2022, corresponding to about 2% drop every year.

The ongoing crackdown by regulators on centralized exchanges and other crypto participants has left the U.S. crypto sector in a state of trepidation, threatening the market dominance that the country has enjoyed over the last few years.