3 Bitcoin and Crypto Market Changes During Trump's First Week Back In The Oval Office
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 above $109,000 ahead of Trump's inauguration as market watchers anticipated changes to the government's stance toward cryptocurrency. Since he was sworn 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.
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 an executive order on digital assets and financial 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 executive order noted that this working group will simply explore a potential national stockpile of «digital assets.»
The order also prevented the creation of a central bank digital currency (CBDC).
The U.S. Securities 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
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