#大户持仓变化 The warning from SEC executives is worth pondering: if regulatory pressure continues to intensify, our crypto world will really change.

Imagine—every wallet being treated like a licensed institution, every transfer needing to be reported. $ETH, $DOGE, and other on-chain assets are all brought under the regulatory framework. It sounds like putting shackles on transactions; the blockchain, which originally aimed to break centralized control, has instead become the most sophisticated surveillance network ever.

But on the other hand, they haven't completely closed the door. Security and privacy are not mutually exclusive; a balance can always be found—the key is how to do it. This isn't purely opposition; it's more like negotiation.

The original purpose of crypto was openness and freedom. Now, it faces the iron gate of compliance. Is this an inevitable pain in industry growth, or a sign of transformation? Will $ETH still run freely, or be integrated into the existing financial order? What do you think?