During his first week in office, US President Donald Trump enacted significant measures impacting the cryptocurrency sector.

He signed an executive order establishing a working group with the Treasury, the Securities and Exchange Commission (SEC), and the Commodity Futures Trading Commission (CFTC).

This group will examine the potential use of cryptocurrencies seized by the government while prioritizing protections for bitcoin miners and software developers.

The SEC also withdrew its 2022 Staff Accounting Bulletin 121, reducing operational costs for financial institutions adopting cryptocurrencies.

In a notable development, Trump granted a full pardon to Ross Ulbricht, founder of the Silk Road marketplace who had been serving a life sentence for facilitating illegal bitcoin transactions.

This decision has sparked criticism for aligning with the crypto community’s interests.

Meanwhile, the launch of $TRUMP and $MELANIA memecoins has drawn concerns over conflicts of interest, with both tokens have experiencing steep declines.

Despite controversies, bitcoin hit a record price of US$109,000 earlier this week, reflecting investor optimism.