Gary's class is over, what is SEC Acting Chair Uyeda's first move?

By: blockbeats|2025/01/21 14:15:03

Original Title: "Mark Uyeda Takes Over from Gary Gensler, Beginning of SEC's Change in Direction"

Original Author: Azuma, Odaily Planet Daily

Gary's class is over, what is SEC Acting Chair Uyeda's first move?

In the early hours of January 21, the U.S. Securities and Exchange Commission (SEC) officially released a statement announcing that today would be Gary Gensler's last day as SEC Chair. The SEC's figurehead, who has been entangled with the cryptocurrency industry for over three years, finally bid farewell.

Shortly thereafter, the White House once again issued a document announcing that current SEC Commissioner Mark Uyeda would serve as Acting SEC Chair. He will temporarily lead the SEC, a crucial industry regulatory body, until the new SEC Chair (expected to be Paul Atkins) is determined and takes office.

Uyeda is a Republican member and has been an SEC Commissioner since June 30, 2022. Prior to becoming a Commissioner, Uyeda worked at the SEC for over 15 years, accumulating rich frontline work experience.

What Is His Attitude Toward Cryptocurrency?

When it comes to cryptocurrency, Uyeda has always maintained a friendly attitude and has been viewed by the industry as a staunch ally within the SEC, alongside "Crypto Mom" Hester Peirce.

Regarding last year's ETF resolution concerning the industry's development as a whole, Uyeda also cast a crucial approving vote.

Despite being at the SEC, Uyeda does not agree with Gary Gensler's aggressive enforcement approach toward the industry and has, along with Peirce, opposed multiple enforcement actions launched by the SEC against industry projects.

In October last year, Uyeda stated in an interview with Fox Business that Trump had described the SEC's past actions as a "war on cryptocurrency" and that this situation must be ended, with clearer regulatory guidelines established.

"I think our policies and practices over the past few years have been a real disaster for the entire crypto industry. We've been enforcing a 'mandatory enforcement policy' and we haven't done anything to provide guidance."

Last week, Reuters reported that several sources revealed that senior Republican officials at the SEC are preparing to immediately reform the agency's cryptocurrency policy after Trump takes office. Measures being considered by Uyeda and Peirce include initiating relevant procedures, ultimately establishing guidance or rules, clearly defining under what circumstances the agency will consider cryptocurrency as securities, and reviewing some cryptocurrency enforcement cases currently in court.

SEC Succession Update

It is important to note that Uyeda is only the Acting Chair of the SEC. Former SEC Commissioner Paul Atkins has been nominated by Trump to officially take over the agency, but it is currently unclear when Atkins' appointment will be approved. It is expected that Uyeda will continue to make some substantial policy changes as the interim leader of the agency until Atkins takes over.

As for potential attitude changes after Atkins assumes the role, there is no need to be overly concerned. Atkins was previously a subordinate of Peirce and Uyeda. While he has made relatively few explicit statements about cryptocurrency, he has publicly criticized the SEC for its overregulation of the cryptocurrency industry.

Considering his past experience and potential attitude, Atkins' stance is expected to lean towards supporting cryptocurrency.

CFTC Transition Underway

In addition to the SEC, another key regulatory agency, the Commodity Futures Trading Commission (CFTC), is also undergoing a transition. Rostin Behnam has stepped down, and Trump has nominated Caroline Pham to serve as the Acting Chair of the CFTC, with expectations of later becoming the permanent chair.

Similar to Atkins, although Pham has not been as outspoken as Uyeda in admitting support for cryptocurrency, the market still anticipates that Pham will hold a relatively friendly attitude towards the industry.

The Beginning of a Shift in Regulatory Direction

With Trump officially in office and core regulatory agencies such as the SEC and CFTC undergoing transitions, the shift in cryptocurrency regulation has begun.

For the cryptocurrency industry, which has long been plagued by regulatory challenges, the next few years may be some of the most lenient in the industry's history—although this period of somewhat politically motivated "honeymoon" is inherently fragile.

Idealists who believe in decentralization may complain that the current political environment is far from what Satoshi Nakamoto envisioned when writing the Bitcoin whitepaper. However, from a realist perspective, the upcoming regulatory spring may be the best opportunity for all industry participants to seek development.

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Mixin has launched USTD-margined perpetual contracts, bringing derivative trading into the chat scene.

The privacy-focused crypto wallet Mixin announced today the launch of its U-based perpetual contract (a derivative priced in USDT). Unlike traditional exchanges, Mixin has taken a new approach by "liberating" derivative trading from isolated matching engines and embedding it into the instant messaging environment.

Users can directly open positions within the app with leverage of up to 200x, while sharing positions, discussing strategies, and copy trading within private communities. Trading, social interaction, and asset management are integrated into the same interface.

Simplified Trading Experience: No KYC Required, Opening a Position in Five Steps

Based on its non-custodial architecture, Mixin has eliminated friction from the traditional onboarding process, allowing users to participate in perpetual contract trading without identity verification.

The trading process has been streamlined into five steps:

· Choose the trading asset

· Select long or short

· Input position size and leverage

· Confirm order details

· Confirm and open the position

The interface provides real-time visualization of price, position, and profit and loss (PnL), allowing users to complete trades without switching between multiple modules.

Social-Native Trading: Strategy and Execution Completed in the Same Context

Mixin has directly integrated social features into the derivative trading environment. Users can create private trading communities and interact around real-time positions:

· End-to-end encrypted private groups supporting up to 1024 members

· End-to-end encrypted voice communication

· One-click position sharing

· One-click trade copying

On the execution side, Mixin aggregates liquidity from multiple sources and accesses decentralized protocol and external market liquidity through a unified trading interface.

By combining social interaction with trade execution, Mixin enables users to collaborate, share, and execute trading strategies instantly within the same environment.

Referral Mechanism: Non-institutional users can receive up to 60% fee split

Mixin has also introduced a referral incentive system based on trading behavior:

· Users can join with an invite code

· Up to 60% of trading fees as referral rewards

· Incentive mechanism designed for long-term, sustainable earnings

This model aims to drive user-driven network expansion and organic growth.

Self-Custody Architecture and Built-in Privacy Mechanism

Mixin's derivative transactions are built on top of its existing self-custody wallet infrastructure, with core features including:

· Separation of transaction account and asset storage

· User full control over assets

· Platform does not custody user funds

· Built-in privacy mechanisms to reduce data exposure

The system aims to strike a balance between transaction efficiency, asset security, and privacy protection.

A New Path for On-Chain Derivatives

Against the background of perpetual contracts becoming a mainstream trading tool, Mixin is exploring a different development direction by lowering barriers, enhancing social and privacy attributes.

The platform does not only view transactions as execution actions but positions them as a networked activity: transactions have social attributes, strategies can be shared, and relationships between individuals also become part of the financial system.

Regulatory Background

Mixin's design is based on a user-initiated, user-controlled model. The platform neither custodies assets nor executes transactions on behalf of users.

This model aligns with a statement issued by the U.S. Securities and Exchange Commission (SEC) on April 13, 2026, titled "Staff Statement on Whether Partial User Interface Used in Preparing Cryptocurrency Securities Transactions May Require Broker-Dealer Registration."

The statement indicates that, under the premise where transactions are entirely initiated and controlled by users, non-custodial service providers that offer neutral interfaces may not need to register as broker-dealers or exchanges.

About Mixin

Mixin is a decentralized, self-custodial privacy wallet designed to provide secure and efficient digital asset management services.

Its core capabilities include:

· Aggregation: integrating multi-chain assets and routing between different transaction paths to simplify user operations

· High liquidity access: connecting to various liquidity sources, including decentralized protocols and external markets

· Decentralization: achieving full user control over assets without relying on custodial intermediaries

· Privacy protection: safeguarding assets and data through MPC, CryptoNote, and end-to-end encrypted communication

Mixin has been in operation for over 8 years, supporting over 40 blockchains and more than 10,000 assets, with a global user base exceeding 10 million and an on-chain self-custodied asset scale of over $1 billion.

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