#加密货币监管 Seeing the SEC working group scheduled to hold this roundtable on December 15th brings a familiar feeling. Over the years, I’ve seen too many actions from regulatory agencies — the crypto winter of 2017, the policy storm of 2021, and the recent crackdown following the Silicon Valley Bank incident in 2023 — each time rewriting the market’s rhythm. What’s different this time is that they are beginning to focus on the balance between "financial regulation and privacy." I remember the early days when attitudes were binary — either outright bans or turning a blind eye. Now, the SEC is willing to hold open roundtables and invite industry dialogue, which itself is a sign of some progress. During the Litecoin and Ripple controversies, regulators didn’t need to be so patient with hearings. But it’s also important to see clearly — a roundtable ≠ policy decision. It’s about exploring, listening to voices, and testing how much consensus exists between the market and regulators. Privacy issues have always been a tough nut for the SEC — on one hand, preventing money laundering risks; on the other, protecting user rights. Striking that balance is difficult. I recall back in 2020 when regulators were very conflicted about privacy coins like Zcash. December is also an interesting time. Opening up these topics for discussion before the year ends could pave the way for next year’s policy framework. If this year’s regulatory tone is "observation and dialogue," then most likely next year will see substantive guidance issued. This may not be a bad thing for the long-term development of the market — clear rules are always better than unresolved issues. Time is running out, and there are few opportunities in this cycle to clearly see the direction of regulation.