President Donald Trump's Return to the Oval Office Ushers 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

President Donald Trump's return to the Oval Office has brought about a wave of changes in the cryptocurrency industry. Here are some key takeaways from the past week:

* An executive order on digital assets and financial technology was signed by Trump, 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.

* The U.S. Securities and Exchange Commission's (SEC) enforcement-driven approach to regulation has previously been at odds with the crypto industry, but 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 his replacement, Paul Atkins, has historically been supportive of crypto.

* While Atkins awaits Congressional confirmation, the agency's acting chief, Mark Uyeda, established 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-related actions during her time at the SEC.

* In a move that is effectively a turnaround, the SEC rescinded Staff Accounting Bulletin No. 121 (SAB 121), an accounting rule that prevented traditional banks and financial institutions from acting as custodians for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.

* The crypto industry is taking advantage of this softening of regulatory stance to launch new products. Since the new administration took over, the SEC has received more than 30 new applications related to crypto ETFs.