The United States is noticeably declining in the global competitiveness rankings, yielding to European countries, and one of the reasons for this is the stringent stance of the United States regarding cryptocurrencies.

The lack of clear regulation in the cryptocurrency market could lead to a brain drain from the United States and a loss of competitiveness on the global stage. According to the American cryptocurrency exchange Coinbase, the country risks losing up to a million blockchain developers by 2030 due to regulatory uncertainty. Employees of the company believe that the U.S. share in the global development of the Web3 market has already decreased from 40% to 29%.

In early June, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Coinbase, accusing the platform of selling unregistered securities. The regulator stated that the platform had never registered as a broker, national securities exchange, or clearing agency, and had evaded the disclosure scheme for securities markets.

The SEC has also filed lawsuits against other cryptocurrency projects, accusing them of selling unregistered securities. The crackdown quickly led to the delisting of some tokens that the SEC considers securities from several trading platforms.

The American exchange regulator has previously targeted the cryptocurrency business in the United States. For example, the Kraken exchange had to discontinue its cryptocurrency staking services due to a $30 million fine imposed by the SEC. The Commission claims that registering with the SEC does not pose difficulties for the crypto business. However, the media found that almost all companies that complied with the regulator's requirements either closed down or faced difficulties in their business.