U.S. regulators are making strides towards clearer crypto financial privacy rules, as the SEC and CFTC recently issued joint guidance on the application of securities and commodities laws to crypto assets. This follows a Memorandum of Understanding aimed at improving coordination between the agencies. However, financial privacy remains a contentious issue, with the Department of the Treasury and the Department of Justice (DOJ) offering conflicting guidance in the past. The Treasury's 2019 guidance on non-custodial crypto services was contradicted by DOJ actions against Tornado Cash, though the DOJ has since softened its stance. The Treasury has reopened discussions on privacy technologies, acknowledging their potential value. Meanwhile, SEC commissioners have questioned the necessity of current data-collection mandates. As regulators reexamine these policies, there is a growing recognition of the need for a modern financial privacy framework that aligns with democratic values and technological advancements.