Made in America: Public policy is a persistent friction for crypto in the US. The innovation won’t stop, but it may move. Developer data fit this narrative, showing a 2% loss per year in American share of global blockchain development since 2017. But broader analysis reveals fundamentals worth considering. Barriers to entry are unusually low for businesses native to decentralized networks. Market access is available at every internet connection. The US was a natural home for early activity because of the concentration in creativity and technical talent. The rest of the world is catching up. For example, Ukraine has increased its share of blockchain development activity by 20% since the onset of conflict. For groups under stress, open global decentralized networks are a last bastion of opportunity and an ideal outlet for commerce. India is a separate example. It is a nation with an entrepreneurial spirit, expanding demographics, and excellent technical training. Blockchain development is an obvious skillset for a rising generation of developers. The country's share of global blockchain code production tripled since 2017 and shows no signs of slowing. Broader Asia displays similar dynamics. Perhaps the US is losing share due to an unwelcoming stance. Or maybe the global talent pool is growing organically, spurred by demographics, urgency, and showing signs of a surprisingly level playing field. We are still in the early stages, barely piecing together the full technology stack required to harness decentralized blockchains at scale. The world is just beginning to build.