President Donald Trump's return to the Oval Office ushered in a week of changes in the cryptocurrency industry.

Bitcoin (BTCUSD) prices reached a new all-time high 澳洲幸运5官方开奖结果体彩网:above $109,000 ahead of Trump's inauguration as market watchers anticipated changes to the government's stance toward cryptocurrency. Since he was swor𓃲n in, the White House has helped provide a path to clarity on regulation and softened lawmakers' stance on regulation, resulting in a pipeline of new products.

Here are some things that happened in the crypto markets in 🍰just the past week that Trump has been in office.

Executive Order Kic💦kstarts Progress On Crypto Issues

During his first week in office, Trump addressed some of the promises he made 🐽to the bitcoin and crypto industry during his campaign.

He signed 澳洲幸运5官方开奖结果体彩网:an executive order on digital assets and fina꧂ncial technology, setting up a working group to examine the current crypto regulations and make recommendations on the path forward, including potentially setting up a bitcoin strategic reserve.

Some worry that while Trump may have taken the first step, it wasn't all that he promised. While Trump originally backed the establishment of a strategic bitcoin stockpile at the Bitcoin 2024 conference last year, the exec꧒utive order noted tha💝t this working group will simply explore a potential national stockpile of "digital assets."

The order also prevented the creation of a 澳洲幸运5官方开奖结果体彩网:central bank digital currency (CBDC).

SEC Softens Stance On Crypto

The 澳洲幸运5官方开奖结果体彩网:U.S. Sec♎urities and Exchange Commission's (SEC) enforcement-driven approach to regulation has previously been at odds with the crypto industry. However, Trump is seemingly working to change 🍰that.

Trump had talked about ousting then-SEC Chair Gary Gensler on the campaign trail. However, Gensler stepped down ahead of Trump's inauguration. Trump's pick for 澳洲幸运5官方开奖结果体彩网:his replacement, Paul Atkins, has historic𒀰🔯ally been supportive of crypto.

While Atkins awaits Congressional confirmation, the agency's acting chief, Mark Uyeda, 澳洲幸运5官方开奖结果体彩网:establi✃shed a new Crypto Task Force. The task force will be headed by SEC Commissioner Hester Peirce, who has pushed for more regulatory clarity for the crypto industry and published multiple dissenting opinions on crypto-relat🅠ed actions during her time at the SEC.

Also, in what is effectively a turnaround, the SEC rescinded Staff Accounting Bulletin No. 121 (SAB 121), an accounting rule that prevented traditional banks and financial institutions from acting as custodians for crypto assets for their customers.

Crypto-Friendly Administration Drives New Products To Mar𒀰ket

The crypto industry is taking advant🌌age of this softening of regulatory stance to launch new productsౠ.

Since the new ad♉ministration took over, the SEC has received more than 30 new applications related to crypto ET𒊎Fs.

While issuers started with larger, more established cryptocurrencies like Litecoin, Solana, and Ripple, it's clear that ETF issuers are going to test how far the new SEC leadership will allow them to go. According to Bloomberg analyst James Seyffart, some of these applications are for riskier products, such as a 2x leveraged MELANIA 澳洲幸运5官方开奖结果体彩网:meme coin ETF.

Additionally, Nasdaq and others have filed for the allowance of in-kind redemptions for holders of 澳洲幸运5官方开奖结果体彩网:spot bitcoin ETFs such as BlackRock's iShares Bitcoin Trust (IBIT). This means IBIT holders could redeem their shares for actual bitcoin; however, this activity would be limited to "authorized participants," Seyffart posted on X.