Most regulations around securities involve disclosures as in over some percent threshold the entity owning that security must disclose their ownership and report on it every quarter to the SEC.

Disclosure of ownership in crypto really should be around a dollar threshold, not percentage and that mostly defeats the purpose of anonymity. I think financial institutions (banks, exchanges, wall st.) should have to disclose holdings in crypto for both crypto trader awareness but also for their customers in other business sectors awareness.

There should also be strict rules preventing operating an exchange/market maker and any sort of investment firm (hedge fund, etc.) by any degrees of separation. That means they can have no relationships at all organizationally (parent/grandparent company owns both type of thing). Any transactions between exchanges and funds of that sort should 100% be reported and tracked. I think it can be anonymously tracked for some period of time but must be disclosed to an independent regulating organization.