The US already cracked down on mixer Tornado Cash [1]. Wouldn’t surprise me if they (try to) follow suit on privacy coins as well.
There’s a chance there’s enough political influence by libertarian/crypto folks in the US to push back though.
On the other hand, the transparency of bitcoin could be a boon in ways as well. Currently only governments, large banks, some multinationals can track large transfers of money. Bitcoin levels the playing field and enables internet sleuths to uncover government or corporate corruption.
A reversal is indistinguishable from a scenario where Tornado was turned and is now cooperating with US LEO. Hypothetically, of course - US prosecutors wouldn't use this tactic to go after bigger fish.
There’s a chance there’s enough political influence by libertarian/crypto folks in the US to push back though.
On the other hand, the transparency of bitcoin could be a boon in ways as well. Currently only governments, large banks, some multinationals can track large transfers of money. Bitcoin levels the playing field and enables internet sleuths to uncover government or corporate corruption.
1: https://home.treasury.gov/news/press-releases/jy0916