The U.S. share of successful crypto startups has significantly declined, dropping from 80% in H2 2022 to 20%. This decline is attributed to regulatory pressures, particularly from the Securities and Exchange Commission (SEC), under the Democratic administration. The SEC's scrutiny has impacted major players in the industry, including OpenSea and Uniswap. Alliance co-founder Qiao Wang and other critics argue that these regulations are stifling innovation and could lead to the demise of the crypto industry in the U.S.