Recently, the cryptocurrency community has expressed strong objections to the U.S. Securities and Exchange Commission (SEC)'s proposed investor tracking database plan. The initiative aims to enhance market supervision and combat potential illegal activities; however, supporters of cryptocurrencies and some industry experts have raised questions mainly regarding concerns over user privacy and data security. They argue that such a database could lead to sensitive information leaks, posing a threat to personal and business information security. Additionally, there is a concern about the potential risk of excessive government surveillance, which conflicts with the principles of decentralization and self-governance advocated in the cryptocurrency sector. Therefore, the cryptocurrency community is calling on the SEC to fully consider the interests of all parties when formulating such policies and to seek more balanced and transparent solutions to protect users' rights and promote healthy industry development.