The U.S. Securities and Exchange Commission (SEC) has officially concluded its investigation into the Zcash Foundation. This outcome is indeed noteworthy for those who have long been paying attention to the privacy coin ecosystem—regulatory attitudes often reflect perceptions of a project. As a blockchain project focused on privacy protection, Zcash has been balancing compliance exploration and technological innovation. The end of this investigation may indicate new progress in communication between the relevant parties. As of now, the market capitalization of ZEC remains around $7 billion. For holders and ecosystem participants, such regulatory developments are important market signals to watch.