In their Delphi upgrade on November 12, the Tezos (XTZ) added new privacy features and slashed gas prices by 75% to attract defi applications. Tezos developers will introduce new privacy features based on Zcash sapling protocol in the coming months. Tezos is a cryptocurrency developed in the USA by former Morgan Stanley analyst Arthur Breitman who had a formal background in mathematics, computer science, and economics. Tezos is an Ethereum-like blockchain that hosts decentralized applications (dapps) and smart contracts using a native XTZ token. The platform uses community input to improve rapidly. However, it spent the past year embroiled in legal trouble accusing the founder of "trying to acquire a license to print money." In July 2017, Tezos ICO raised 66,000 BTC and 361,000 ETH, worth $232 million at the time in the second-largest ICO to date. The round included $1.5 million from venture capitalist Tim Draper. Along with Polkadot (DOT), Tezos is considered one of Ethereum’s main competitors. Objectively, Tezos has more frequent cadence of protocol upgrades in an attempt to reliably stay ahead of the curve in performance. The addition of new privacy features to mimic Zcash has obvious pros, but might force regulators to categorize Tezos as a privacy coin. In November, South Korea’s Financial Services Commission (FSC) unveiled new Anti-Money Laundering (AML) regulations, including a blanket ban on privacy coins, in response to the disturbing Nth Room case involving the sexual exploitation of underage girls. In the United States, the Internal Revenue Service (IRS) has offered $625,000 for new tools to crack bitcoin mixers and privacy coins like Zcash. On August 16, Tezos reached its highest peak since 2018 at $4.18, and has fallen sharply to a low of $1.81 in November, a decline of 56%, as investors piled into Bitcoin, and has since recovered above $2 range.