The problem with the “SEC shutdown ICO” theory is US citizens are not the majority of crypto users. ICOs did ban US citizens and the ones active today usually still do so. Most of the world did not enforce anti ICO regulations so the cause must be elsewhere - and we have obvious candidates with defi.
Don't get me wrong, there is a great big world outside the US, but for a lot of things, the US is the market that matters. It's where the loose money is, and US tax law reaches around the world to US citizens everywhere.
