The SEC roundtable on December 15th was less about soliciting opinions and more about a clear statement of regulatory stance. The SEC Chair discussed "financial oversight" alongside "privacy protection," what does this signal imply?

Simply put, the transparency of on-chain transfers will become a key focus. Coins emphasizing privacy features, mixers and similar tools, as well as any technical solutions that make tracking fund flows difficult, face the risk of being redefined. After the 15th, a "high-risk label" may no longer be just a metaphor.

What does this mean for token holders? First, reflect on your asset allocation—positions with unclear origins or fully anonymous holdings now pose potential compliance risks. Some may need to reassess their investment portfolios. Second, observe which project teams and institutions are proactively embracing the regulatory framework; these players might be more competitive in the new cycle.

Let's get back to reality: the wild growth phase of the crypto market is indeed changing. Regulations won't disappear; instead, they will become more refined. Projects and traders capable of operating under the new rules will hold the next round of influence.

There's no need to panic excessively, but don't be naive either. Market opportunities always exist; the key is to keep pace with regulatory changes. Stay attentive to the latest SEC developments and adjust your strategies rationally—that's the prudent approach.