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The SEC has wrapped up its review of the Zcash Foundation without pursuing any enforcement actions, marking a notable development in the ongoing scrutiny of privacy-focused cryptocurrencies. While the immediate investigation concludes, Zcash remains squarely in regulators' sights as privacy coins face intensifying global compliance pressure. The case underscores how anonymity-enhanced protocols are navigating an increasingly stringent regulatory landscape worldwide, with authorities continuing to balance innovation against financial crime prevention.