The proposed privacy coin ban by the EU aims to restrict transactions of anonymous cryptocurrencies like Monero, with the core logic being to strengthen anti-money laundering regulation. Such coins achieve complete anonymity through technologies like ring signatures and zero-knowledge proofs, objectively providing a channel for concealing funds for illicit activities. If the ban is implemented, exchanges will be forced to delist privacy coins, which may cause short-term market fluctuations but will accelerate the integration of compliant crypto projects with regulatory frameworks in the long term. The point of contention lies in the fact that regulators emphasize financial security, while the tech community believes this move undermines the decentralized spirit of blockchain and may push privacy technology towards more covert forms. The ongoing game between regulation and privacy protection will continue to escalate in the future.