On March 12, according to Dragonfly's latest "2025 Airdrop Status Report", American users have missed out on huge amounts of cryptocurrency airdrop revenue due to geographical restrictions. The report analyzes data from 12 airdrop projects (11 geographically restricted projects and 1 unrestricted control project) between 2019 and 2023, and estimates that there are 920,000 to 5.2 million active U.S. users (accounting for 5-10% of U.S. cryptocurrency holders) affected by geographical restriction policies. Research found that approximately 22-24% of active encrypted addresses globally in 2024 belong to U.S. residents. The 11 projects in the sample created a total of approximately US$7.16 billion in value, with approximately 1.86 million users around the world participating in claims, and the average median claim amount for each eligible address was approximately US$4800. The report estimates that U.S. users lost $1.84 billion to $2.64 billion in potential revenue between 2020 and 2024 due to geographical limitations. More broadly, based on 21 geographically restricted airdrop samples analyzed by CoinGecko, U.S. users may have lost $3.49 billion to $5.02 billion. This resulted in U.S. federal tax losses of approximately $418 million to $1.1 billion, and state tax losses of approximately $107 million to $284 million, for a total tax loss of $525 million to $1.38 billion. The report also pointed out that the transfer of encryption companies overseas has also caused a significant reduction in U.S. tax revenue. Taking Tether as an example, the company reported profits of US$6.2 billion in 2024. If it fully accepts U.S. taxes, it can contribute approximately US$1.3 billion in federal corporate taxes and US$316 million in state taxes.