This Sunday, December 15, could become a watershed moment for crypto privacy technology.

The US SEC suddenly announced it would hold a roundtable, with a topic that hits the industry's most sensitive nerve: how should financial surveillance and user privacy be balanced? Even figures like the founder of Zcash will be present. This is no ordinary meeting.

To put it bluntly, regulators want 100% transparency—they want to clearly see where every cent comes from and goes. But the logic of the crypto world is completely the opposite: privacy itself is a right and shouldn't be subject to unlimited surveillance. Whether technologies like zero-knowledge proofs can survive depends on how this meeting goes.

There are two possibilities, with a huge gap between them.

First: Regulators acknowledge the value of zero-knowledge proofs—that it's possible to prove funds are clean and transactions are compliant without exposing transaction details. In that case, privacy technology would essentially receive official endorsement, opening up development opportunities. For the whole sector, this would mean moving from underground to mainstream.

Second: The two sides clash and can't convince each other. In that case, the SEC will likely stick to strict monitoring. Privacy projects will continue to operate in a gray area, and could face lawsuits at any time. For developers and users, this means long-term uncertainty.

How will the market react? In the short term, there will definitely be some turbulence, but in the long run, having clear rules is actually a good thing. At least everyone will know how to play the game.

Do you think the SEC will soften its stance this time, or remain tough? Will the future of privacy coins become clearer or even more uncertain?

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